Are you a renting a home from someone in foreclosure?

If you have been paying your landlord all these months your hard earned money and you find out they are in foreclosure, what do you do?

Call the bank and see if you can negotiate to sell you the house!When a lender is oreclosing on a loan, they want to get rid of the house as fast as possible and get recoup their losses.

Remember, lenders are not in the real estate business.They do not want to own homes; they only want the payments made on time and to get their principle paid back.

So, how do you know and how do you do it?When someone is in foreclosure, they get served with default papers and a summons and complaint.The tenants will be names as defendants and will be served also.When you get this notice, do the following:

1.Call the lender and tell them you are aware of the problem and would be interested in buying the house
2.Send a certified letter to the landlord and tell him you are no longer making rent payments
3.Open up a new and separate bank account and deposit your rent payments in it.This will show that you are ready willing and able to make the rent payments and that you are not defaulting on your rent.

Sit back and wait.
– Dale Siegel