Foreclosure Crisis Stings Renters, Too

By Harry Kimball,  Newser Staff
Posted Mar 16, 2009 3:35 PM CDT
Foreclosure Crisis Stings Renters, Too
A leasing sign for a low-income apartment complex.   (AP Photo)

You probably don’t want to live in the Chandler, Ariz., housing complex known as Alante on the Islands, MSNBC reports. The development was once owned by a California company, but entered receivership when the overextended firm went under. Now maintenance is spotty, the pool has turned green, residents don’t know where their security deposits have gone, and the receiver called the cops when they try to meet with a lawyer.

“The motivation is to help people,” said the lawyer, whose practice helps people break leases. “If he’s going to advise people to break the lease I’ll have him before the judge,” the CEO of the receiving company said. “He’s certainly not going to interfere in any way with our possession and control of the asset.” Though Arizona has a poor record when it comes to tenant’s rights, they’re “better off with us,” the receiver said. (Read more recession stories.)

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