Ian Phipps

This is one of the unfair pitfalls of foreclosure. Typically, leasehold possession is honored when title transfers to a different owner; the only difference for the tenant is who to write the check to, and who to call about maintenance concerns. However, when a home is foreclosed most of the time, the tenants occupying the premise are required to vacate. For this reason, when renting a home, you want to make sure that your owner is in a sound financial position; paying his/her mortgage and tax payments on time. If you're home that you are leasing is being foreclosed on, talk to the bank. They really don't want to foreclose as it represents lost income for them. Present some ideas. Might you be able to take over the mortgage? Are you interested in putting the home in your name? Obviously you don't want to be evicted for nonpayment of mortgages that you had nothing to do with. For that reason it is unfair. Good Luck. and I'm sorry that this is going to require work on your part. Also try talking to your landlord. - Sun Jun 28 2009, 11:33