Even rental units are not free from a mortgage crisis. If the owner of a rental unit does not pay the mortgage then a piece of property used as a rental unit can be foreclosed. This situation is very delicate perhaps more so than a regular foreclosure because there are people who are renting an apartment or space and they are not aware that the property they are living in is subject to foreclosure. If a tenant has been paying rent on time but the landlord fails to manage the funds properly to pay the mortgage the tenant suffers. There are a number of important factors that tenants should be privy to when living in a property that is up for foreclosure.
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If you are a tenant that finds out that you may have to move because your rental property is being foreclosed you should seek legal help. Any notices you receive either from a sheriff or your landlord in the form of a letter explaining the circumstances should be kept. You can seek help with housing issues from a variety of sources. There are organizations such as the Association of Community Organizations for Reform Now (ACORN) that are willing to assist people who are mistreated in issues such as housing. They can advocate for you and provide you with assistance on what you can do to protect yourself through a foreclosure. It is also a good idea to contact a lawyer. Seeking legal counsel will cost you money but an experienced lawyer can provide you with valuable information on how to handle the foreclosure and explain to you your rights as a tenant of a foreclosed rental property.
Tenants of a foreclosed property should make an effort to find out if there is a new owner for their property. In some cases if the landlord has foreclosed and another individual purchases the property this is immediate rental income for the new owner. Some new owners may not want to evict the current tenants but merely just take over the property for financial gain. If this is the case you should try your best to retrieve the new owner's information either through court records or with the help of a lawyer. You must find out whether or not the new owner is willing to let you stay. If he or she is not willing to let you remain in the property then you will have to go to court. However, in each state there are rules that may allow you some time before you have to vacate a foreclosed property even after the property is purchased. Make sure to attend any court hearings and speak to a lawyer regarding your rights to remain on the property.
Finally, it is always best to continue paying rent. Some may ask well if the property is being foreclosed who should I pay rent to? Pay the rent to yourself. Don't stop making monthly payments. Your old landlord should not be receiving rent for a property he or she no longer owns. Take the money and place it in a money order and put it to the side. If the new landlord will allow you to stay then at least your rent will be current. If the court evicts you then at least you will have some money saved to secure a new place to live.
Tenants who are living in foreclosed properties have rights and it is vital that they seek wise counsel to understand the ramifications of a rental property foreclosure.
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