But now, renters who are facing evictions due to their landlord’s inability to pay a mortgage, have some rights. If you are renting, what you don’t know can hurt you so pay attention to the following tips if you  should ever find yourself in the unfortunate position of eviction due to foreclosure. In May 2009, President Obama signed into law a national standard for tenants facing foreclosure. Here are some details of that law:

• If you have a valid lease, you can not be forced to leave the property when it is in foreclosure until the lease officially expires. The only exception is if the property is purchased and the new owner plans to move into the property before the lease expires. In this case, the lease will be terminated on the sale dates and the tenants must receive 90 days notice of the intention to move in by the new owners.

• If you lease is to expire in less than 90 days after the property is sold, you still have the full 90 day time period to leave the property.

• If you are renting without a lease, there will still need to be a 90 day notice given to you as the tenant.

• If the state you live in has a law that require notice time longer than 90 days or other amounts of protection for tenant of rentals, it essentially overrides the federal law. Take the time to understand the individual laws in your state and how they apply to your situation. For more information, contact the tenant organization in your area if one is available.

• If you reside in Section 8 or other subsidized housing programs, the new law still applies to you. Do not allow anyone to try and tell you different. You can contact local tenant organizations or an attorney in your area for further advice.

• As a tenant, you still have an obligation to pay the rent in full until you vacate the property. If ownership changes before you leave, be sure you are paying rent directly to the new owner. Not paying rent, regardless of foreclosure circumstances, opens the door for you to be legally evicted.

• Make sure the new owner, even if it is a bank, keeps up with regular maintenance and repairs per your lease agreement. If there is nothing being done, keep making phone calls and written contact to insist on the property maintenance.

• When you plan to move out, make sure you receive your security deposit back, if applicable.

Your Rights When Your Rental Is In Foreclosure was created by and is property of American Consumer News.

Getting your first apartment is an exciting and liberating time! Chances are, your first apartment will be about the size of a closet, but that’s the least of your worries. Getting your first place is probably your biggest financial responsibility so far, so it’s worth the time and effort to try and do it right. Here are common mistakes that first-time renters usually make – avoid them and enjoy a smoother transition!

Getting More Apartment Than You Can Afford: Depending on where you live in the US, rent prices vary drastically. A typical 1 bedroom apartment in the suburbs of upstate NY is going to run you around $700 a month (and that doesn’t normally include utilities), while the same apartment in PA would run around $350 (often with utilities included). Before you can select an apartment, you need to know how much you can afford to pay for rent.

Forgetting That Apartments Cost More Than Rent: Renting costs more than your monthly rent! First of all, moving into an apartment requires more than one month’s rent in almost every situation. Most will charge an application fee (so they can run a credit check, yikes!), a security deposit which can be any amount, but is typically equivalent to one month’s rent, and your first month’s rent. Are you keeping track? A $500 per month apartment might cost you $1040 just to get in the door($40 application fee, $500 security deposit, $500 first months’ rent).

Don’t forget you’ll need some utilities. Electricity, cable, and phone usually all require a deposit to turn on service, and even if they don’t – you need to budget for them on a monthly basis. If your apartment uses gas for heat or hot water, you’ll want to figure out how much that will cost you, too.

Is parking free? Some places charge for parking.
Do you have furniture? Hopefully you can bring whatever you sleep on now, and you have friends and family to help out furnishing your home with hand-me-downs, but if you don’t – furniture is expensive! You might want to live on blow-up furniture for a few months while you get your finances in order if you don’t have a sizable savings account (this is a better option than financing furniture, by the way).

Finally, you’ll need food and some essentials (soap, cleaning supplies, garbage pails, garbage bags, dishes, etc). These things are easily forgotten when figuring out how much money you need for an apartment, but they sure do add up when you are trying to get everything you need. Don’t forget the dollar store for some of these essential items.

Not Reading the Lease Agreement: Before you sign your name on the lease and hand over the money to rent the apartment, actually read through the lease agreement. This is a legally binding document, and by signing it you agree to abide by whatever rules are in it, or risk being kicked out of the apartment. How long is the agreement in affect? What are the policies for painting or making alterations to the apartment? What do you do if something needs to be repaired? All of these questions should be covered in the lease.

Common Mistakes First Time Renters Make was created by and is property of American Consumer News.

Protecting yourself as a renter is important. Any number of things can happen at any time. Like a homeowner, you need to look closely at insurance. Many insurance companies offer an HO-4 policy that will cover your personal property from such things as fire, lightning, vandalism, theft, damage caused by plumbing, heating, or air-conditioning problems, and explosions. Two things rental insurance will not cover is loss from earthquakes and floods. A separate policy is required for that type of coverage if you are living in a region where that would be a concern.

Insurance companies offer policies based on Actual Cash Value, which pays for what your belongings were worth at the time of the damage or theft, and Replacement Cost Value, which will reimburse you for what it costs to replace the items.  If you bought a new mattress five years ago for $1,000, ACV coverage would pay you for what the mattress would be worth today; an amount considerably less than it was five years ago. With RCV, the insurance company would reimburse you the amount it would cost to buy a new mattress today. Most insurance companies use the ACV policies, which carry lower premiums than the RCV coverage but the ACV policy also will pay out less money that the RCV. Both types of policies also will subtract the deductible first.

Like most insurance, your premium for renter’s insurance will depend on where you live and other factors. Keeping a higher deductible can keep your monthly payments lower. There are discounts available for things like smoke alarms and fire extinguishers. It is important that you keep an accurate and updated inventory of your all of your property. A good way to keep track is to videotape everything you own. Keep the video and all receipts for items in a firesafe or a bank safe deposit box off premises. In the event something does happen, you will not need to worry about retrieving your documents from your home.

ARE YOU COVERING MORE THAN YOUR RENT? was created by and is property of American Consumer News.