One of my clients came home one evening and found an eviction notice on their condo door. The notice said that their mortgage payments had not been paid in over 90 days and they had a month to vacate the premises.

This couple was shocked, and completely taken by surprise as they'd been making their monthly rent payments on time. They were leasing their unit, paying their rent to their landlord, who in turn was pocketing the money and not paying the mortgage.

Unfortunately, this is becoming a more common problem around the country as the sub-prime mortgage crisis is claiming a new set of victims ? people who are leasing and renting.

A larger number of landlords and investors groups who own houses, townhouses and condos are falling behind on their mortgage payments, sending their units and houses into foreclosure. Many of these owners were the largest beneficiaries of the real estate boom over the past decade. They would own dozens, if not more, properties, finance the bulk of their assets through readily accessible debt and realize substantial increases in their equity value.

Now however, this group is hit hardest as some of the clients have moved out, rents in some part of the country are declining as increasing supply sits on the market, debt is more expensive, and the owners aren't able to sell their properties as fast as they were previously.

In many cases, this is having a ripple effect on their tenants ? a number of whom are being forced from their homes. Often, like with my clients, their first notice comes when they receive a letter from the bank telling them to vacate their property.

My client commented, ?I didn't know what to do. We had an 18 month lease, and just a few months in, I was told to vacate and didn't have much time to move.?

Here's a few tips if you're renting:

- If you're renting from an investor group, real estate consortium, or know that your landlord owners a number of properties you're probably most at risk. Next month, just before you send in your rent check, tell them that you've read about ?Renters being left out in the cold due to the mortgage turmoil' and see how they're faring.

- If you think there may be an issue, re-read your lease agreement and understand your options for how your lease could be terminated. If you end up in a difficult situation or are looking for additional advice, consult a real estate attorney.

- Stay in touch with the local real estate market. The Boston real estate market is still very tight and often has waiting lists for good properties. Places like Miami and Las Vegas currently have extra capacity and good incentives for renters.

- Keep a qualified Realtor in your contact book. You may not need their services very often, but if you find out one evening that you have less than a month to vacate your property, they can really help you out.

- Have a fall-back plan, where if you had to get out of your place and stay somewhere for a week or two, you could manage it. Talk to your friends or family in the area, know what extended stay hotels or motels are an option for you financially, and find one or two places who will sign month-to-month leases. You may not like where you live for that transitional period, but it's better than being homeless.

This situation had a happy ending for my client, they ended up getting an extension, saving two months of rent and becoming 1st time home buyers at a Downtown Houston Loft unit they just love. However, if you're renting ? especially from an investor group ? it pays to find out their financial situation in advance.

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