What to do when you are a Tenant & you find out that your Landlord is being foreclosed on.

26 Jun

Posted by affilitogo In Business

Foreclosures in 2007 are up significantly over 2005 & 2006. With many Adjustable Rate loans & Interest only 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:

- Communicate: With the Landlord. With a Real Estate Professional. Find out what your rights are. Do what you can to ensure that you don’t jeopardize your good credit or that no negative actions are being taken towards you.

- Try to 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. By all means, avoid the eviction process.

- Make a Plan of Action: 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 as quickly as possible and may be willing to work with you. 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 & their lending partners will be able to give you an answer about buying a home in Northern Virginia in less than 24 hours. Consider that this potentially bad situation could end up working to your benefit.

Robert Earl - Founder of The Earl of Real Estate Team is a Real Estate Entrepreneur & Real Estate Coach based in the Northern Virginia. Robert Earl’s Site presents Leesburg Condos for Sale - Leesburg Condo Communities

- Robert Earl The Earl of Real Estate