Landlord's Financial Distress Causing Stress, Confusion For Tenants Around The Country

msnbc.com reports on Irvine, California-based landlord Bethany Holdings Group, which is reported to have abandoned a dozen apartment complex in the Phoenix, Arizona area as well as a number of buildings in other states after defaulting on hundreds of millions of dollars in loans.

Reportedly, Bethany complexes have been threatened with gas or electricity shut-offs due to non-payment of bills; and employees at many of the Phoenix area properties say they have been stiffed out of their paychecks for a month or more before courts began appointing receivers to assume control of the complexes. Tenants are also facing a loss of their security deposits.

Courts in Arizona, California, Colorado and Florida are said to have become involved in the appointment of receivers to maintain and preserve Bethany's holdings which serve as collateral for the delinquent loans.

For more on the story, see Corporate meltdown leaves renters in limbo (Large apartment complexes abandoned to receivership and unruly weeds).

For other media reports on Bethany Group complexes in foreclosure in other states, see:

• Virginia: Receiver named for Portsmouth apartment complexes,
• Georgia: Management Company Deliquent On Rent, Power,
• Arizona: Court-appointed receiver takes over Bethany communities.

Go here for other posts on Bethany Group buildings in foreclosure.