BEST ANSWER
FIRST ANSWER
Those papers are telling you that the lender started foreclosure proceedings. During that process which can take 5 months and much longer various things can happen. The owner may ask for a loan modification or the owner may decide to short sale the property or the owner may decide to file BK. All in all, this is a process underlying other options the owner may exercise. Nothing is happening over night but with due process. You may just ask the owner what his/her plans are since you as the tenant need to know your options.
Tue Jul 14 2009, 05:20