This editorial appeared in The Kansas City Star.
Under Missouri law, renters – without warning – can be told to leave their homes immediately after their landlord's property has been foreclosed upon, even though they've faithfully paid their rent on time.
This is grossly unfair, especially when foreclosures are sweeping the nation. The latest data show that after a temporary lull, the number of U.S. property owners facing foreclosure is rising rapidly – up by 24 percent in the first three months of this year.
In March alone, foreclosures across the nation increased by 46 percent compared with year-ago levels.
The good news is that legislation aimed at giving tenants a grace period in which to find a new home is making progress in the Missouri General Assembly. The bad news is that the grace period proposed – 10 business days – is inappropriately short.
Even so, the bill represents an improvement over existing law. It was recently advanced by a Senate panel and deserves approval.
To be sure, some landlords warn tenants if a foreclosure looms, and some new owners don't insist renters leave immediately, especially if the tenant has taken good care of the property and paid on time.
To read the complete editorial, visit The Kansas City Star.