There are a lot of questions that need to be answered to know what you need to do. Do you have a lease, or are you on a month-to-month? Who is the lender? Is there more than one lien on the property? What did the notice say? Is there a foreclosure sale date set yet?
You could be in a good position, depending on the timing and who buys the property. Investors make-up a large percentage of buyers these days, and the best thing for them is to have a tenant already moved-in. On the other hand the home could sell to someone that wants to move in which means youâ€™ll have to move. I know this is a scary situation for you to be in, but you do have rights as a tenant. Ask lots of questions and get professional help if you are not comfortable with what you are being told.... more
It would be hard for loan modification because you both have no jobs. Lenders want to see a source of income in order to modify. Lenders modifies the loan for owner occupied homes, I haven't heard anyhting for non-owner occupied. I can understand your situation but if there's no source of income then short sale is one of the option to avoid foreclosure. Consult with your CPA or tax attorney for tax ramification questions.... more