Homeowners are not the only people affected by the rising foreclosure rates.

In some parts of Florida, renters are also experiencing problems as a result of default mortgages they have no control over.

As a renter, you are not responsible for a mortgage but your landlord is. If he is unable to pay the mortgage on the rental property, the loan will go into default and the bank can take the home back from the landlord.

You can find yourself facing eviction with limited time to vacate the property.

This can cause a tremendous amount of stress as you struggle to not only locate a new home, but come up with the cash needed to satisfy the deposit.

In addition to sudden evictions, Florida residents in some locations are seeing a rise in rental prices.

A number of factors contribute to the rising costs, including the fact that many renters are waiting for home prices to bottom out before making a decision to buy. And as the demand for rental properties increase, the prices do too.

Although the market is showing signs of steady improvement, lenders have tightened their restrictions and now require close-to-perfect credit and larger down payments.

If you’d like more information about leasing residential (or commercial) property, contact our Fort Lauderdale real estate attorneys today. You can use this form to email or call us at (954) 779-7009.