As a Realtor that represents a major bank with their foreclosures, this is becoming a real problem in the current market. Imagine you signed a Lease for a home and you have been in the home for 8 months paying on time and one day there is a knock on the door. The representative at your door is now telling you that the property you are leasing has been foreclosed on and you have two weeks to move out and find a new place or face eviction.

Here are several tips to help you deal with this situation.

1. If there has been a notice of Sale posted on the property you are renting, take this notice very seriously. Your Landlord is very close to losing control of the property.
2. Start the process of looking for a new rental and begin arranging the help and supplies you need to move.
3. Think long and hard about making that next rental payment. If a Notice of Sale has been posted on the door of the house you are renting, your landlord is going to have a hard time evicting you from a property that the Landlord will soon longer own. Chances are your security deposit will never be seen again as well. If you are paying a property management company, be careful, withholding payment may affect your ability to get a reference from them when you make application for a new rental. You are really stuck between a rock and a hard place and it would be far better to make plans to move. Then to try and stay. The bank is very non emotional and is looking to sell their asset as quickly as possible.

If you decide to stay and the property is foreclosed on, the bank will begin process to evict you. Some banks will offer assistance if you agree to move quickly.

Home prices are dropping and in many cases may now be lower than the rental payments you are making today. First time buyer assistance programs may help you buy instead of rent.  I may be able to help you find a home to purchase.  You can reach me through the “How to reach Ted” Tab at the top of the page.