Tenants evicted when landlords face foreclosure

NY1’s Monica Brown talks to New York City renters who have received eviction notices because the buildings they live in are in foreclosure. In 2007, 60 percent of the foreclosure notices filed were on multi-family buildings, affecting about 38,000 renters, according to Vicki Been, director of the Furman Center for Real Estate and Urban Policy at New York University. The 2008 data is still coming in, but so far the numbers look similar, Been said. In New York, lenders filing for foreclosure are not required to notify tenants.