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What Happens If My Landlord Is Foreclosed On?
Each day we hear more and more stories in the news about the struggling economy, housing prices, and mortgage problems. Foreclosure rates are increasing, especially among military-dense areas. In a recent article I found on Military.com, the question arose as to what happens if your landlord ceases payment on the mortgage on your house, causing it to enter foreclosure?
The bad news is that you will most likely need to move. Upon foreclosure, either the lender, a new homeowner, or an investor will purchase the home. When the property changes ownership, the purchaser almost always chooses termination of tenantship, except in the few states where it is not allowed. Depending upon your situation and the state the property is in, you may know months before, or possibly be legally evicted within days of the foreclosure sale.
There are several sources that can help you with foreclosure, but it may be advisable that you contact an experienced attorney to help you understand what is happening and what you can do.
St. Louis bankruptcy attorney James Brown with Castle Law Group has been helping victims of foreclosure to save their homes for over 15 years through a Chapter 7 bankruptcy or Chapter 13 bankruptcy case. To find out if this is an option for you, request our free book "7 Critical Mistakes To Avoid The Dismissal Of Your Bankruptcy Case" or call for a free consultation at 1-866-570-8484. Castle Law Office helps families in St. Louis, Missouri and Illinois.
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