Foreclosure is when the Bank that holds the note to the property begins to retake possession of the property because the loan holder/owner has failed to make mortgage payments. Foreclosures in 2007 are up significantly over 2005 & 2006. With many 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 the bank/lender. With a Real Estate Professional. With a Lawyer. Make sure you understand your rights. 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: Your Landlord may not be in a position 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. 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 & 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 serving the Northern Virginia Real Estate Market. The Earl of Real Estate Team specializes in Burke VA Real Estate, Condos, Townhomes & Homes for Sale
- Robert Earl The Earl of Real Estate
Popularity: 2% [?]
![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
Be The First To Comment