Renters have rights when owners lose building to foreclosure

For rent
For rent

If you're a fan of disaster movies (and who isn't?) you already know that being in front of an oncoming tsunami wave is never a good thing. And, yet, for many renters around the U.S., this is exactly the position they are now in.

"We're at the front end of that wave...Are we concerned? Absolutely," Raphael Bostic, of the U.S. Department of Housing and Urban Development, tells the Washington Post.

By one recent estimate, as many as 75 percent of multifamily buildings could have problems refinancing, says the paper. Already, the number of foreclosures against multifamily rental and co-op homes is up in Chicago, Los Angeles, New York and other large urban settings, and also in smaller cities and towns such as Des Moines, Iowa and Lexington, North Carolina.