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Foreclosure in 20170 : Real Estate Advice

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Activity 3
Thu Sep 22, 2011
The Mulhern Home Team answered:
There are some laws being put into place helping renters in these situations, but to my knowledge they have not been put into place as of yet. According to Fairfax County, the terms of the lease agreement are terminated once the home is foreclosed on. Here is a number for the county to gather more information on - Call 703-222-8435, TTY 711, or get help in person at 12000 Government Parkway, Suite 433, Fairfax, between 8 a.m. and 4:30 p.m.

I have heard of banks helping those renters by letting they stay in the property and also seen situations where they have given them cash for keys...basically moving expenses. What you have to focus on is the security deposit that the landlord is holding. If the home is in foreclosure, search for notices in the Washington Post and other papers. Good Luck.

Jimmy Mulhern
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Thu Jun 18, 2009
Sonal Goda answered:
From what I have been taught - any junior liens get erased, including the second. Tax liens remain, however.

It would be best to speak with a real estate attorney for questions of this type.

Have you spoken with a real estate agent regarding the option of listing your home as a short sale so that you can avoid getting a foreclosure on your credit report?
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Thu Jan 1, 2009
Tiny Varner answered:
Do you have an address for the property? With an address, I can look into it.
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