by KYW's Salil Gutt

Most of us tend to associate defaults on sub prime mortgages with residential home owners. Unfortunately, this problem has also snared owners of investment properties with unforeseen consequences for some innocent people.

Landlords around the country are also in trouble and are defaulting on their mortgages. The banks who own these mortgages are foreclosing on apartment buildings, small multi-family dwellings and commercial properties. This foreclosure is affecting existing tenants and renters who are receiving eviction notices with a 30 day notice. This is understandably causing a lot of stress on families who may not be able to afford to move.  It is easier to sell an empty property. History has shown that the value of occupied properties in foreclosure tend to lose value so banks are taking these steps to protect their interests.

Tenants advocates and legislators nationwide are trying to push through new legislation that will require that tenants get at least 120 days notice or ensure new owners honor the old lease arrangements for at least six months after foreclosure.