What To Do When You Are A Tenant and You Find Out That Your Landlord Is Being Foreclosed On

Foreclosures in 2007 are up significantly over 2005 & 2006. With many Adjustable rate Loans on the market entering periods of recalculation, some borrowers are in a position of defaulting on the loan because they can't make the higher payments. Consider in some cases the borrower has become a landlord and has a tenant. What is the tenant to do? Here are some tips:

* Make sure you are communicating: With the Landlord. With the bank/lender. With a Real Estate Professional. With a Lawyer. Make sure you understand your rights. Make sure that you aren't doing anything to jeopardize your good credit or that nothing is being done to affect you in a negative manner.

* Negotiate: The Landlord may have no room to negotiate, they may be holding you to the letter of the lease. But if the property has already been foreclosed upon & the bank is the owner, negotiate directly with the bank or their representative. You may be able to get them to pay an amount of your moving expenses, sometimes called "cash for keys" this is incentive for you to vacate the property sooner rather than later. By all means, avoid the eviction process.

* decide upon a plan for going forward: It is hard to plan with such short notice, but you as the tenant need to quickly move from a reactive move to an active stance in a short period of time. Discuss the possibility of you being able to obtain the property or a loan from the bank. Remember, they want to sell the Bank Owned / Foreclosure Northern Virginia Homes (http://www.theearlofrealestate.net/77_bank_owned_SF.aspx) as quickly as possible and may be willing to work with you. Also, plan on looking for a home a develop the hunting strategy in short order so you have a place to live. Again, with a minimal amount of planning & communication you might just find out that you can afford a home yourself & thus consider the benefits of buying over renting. A Northern Virginia Real Estate Agent (http://www.theearlofrealestate.net/) & their lending partners will be able to give you an answer about buying a home in Northern Virginia (http://www.theearlofrealestate.net/buying.aspx) in less than 24 hours.

Robert Earl (http://www.theearlofrealestate.net/robert_earl.aspx) - Founder of The Earl of Real Estate Team is a Real Estate Entrepreneur & Real Estate Coach based in the Northern Virginia. TheEarlofRealEstate.net showcases Vienna Condos for Sale - Vienna Condo Communities (http://www.theearlofrealestate.net/Vienna_Condos.aspx)Annadiana Blog70567
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