A growing problem seems to be that many tenants find that the house or apartment building they are renting is going into foreclosure, due to the inability of the owner to continue paying the mortgage. The tenants are arguably in an even worse situation than the homeowners themselves at this point, because they have no control over the process of finding a solution that will stop foreclosure and allow them to remain in the home. They are also bound by the lease agreement, and risk the negative consequences of breaking the contract before its term has expired. However, there are a number of suggestions for tenants in this situation who are concerned with helping the landlord keep the property or just securing their own living arrangements beyond the foreclosure.

The actual sequence of events will, of course, depend on what happens throughout the foreclosure process, which is determined by the state foreclosure laws. Just because the property is in foreclosure, though, does not automatically mean the homeowner has lost the property yet. In other words, it may be hasty to give up hope and begin moving out right away. Any tenant in the building will want to discuss the pending foreclosure with the landlord as soon as possible, though, to determine what the problem is and if there is any way to save the home and avoid the foreclosure process entirely.

If the homeowners have a plan to stop foreclosure, the tenants may begin the process of looking for new places to move to, but holding them as backup plans, rather than immediately moving out. In the event that the owners can not save the property, then the tenants will have to determine how much longer they have until the foreclosure process is over, and if there is a redemption period after the sheriff sale, in order to plan their moving out of the property. This time period is another aspect determined by state foreclosure laws, and tenants should also seek out independent foreclosure advice to educate themselves on what may happen to them throughout the process, as well as their rights once ownership of the property transfers after the sheriff sale.

In most cases, once the sheriff sale has been conducted, the homeowners and the tenants will no longer be able to remain in the property. This is because the new owner, which is usually the foreclosing bank, will initiate the eviction process in the local courts and request possession of the house. If the tenants do not know how much longer they may have to keep living in the property after foreclosure, they can call the county sheriffs department to find out if and when the foreclosure auction took place, and if there is an eviction date scheduled yet. The sheriffs office will conduct the eviction, so they will know if the court has ordered it yet.

However, in a small minority of cases, the lender's attorneys will take over collecting rent payments from the tenants. The renters would receive a letter from the lawyers office informing them of their responsibility to continue paying the lease as agreed and that payments will now be made out to their office. However, this is a much less common result than the bank simply asking for possession of the property and beginning the process of evicting any remaining tenants or homeowners.

Tenants who are experiencing their own foreclosure crisis are best served by discussing the matter with the current owners of the property and examining what options are available to prevent the loss of the home and stop foreclosure. However, renters in this situation should also keep a backup plan in the event that the house is sold at sheriff sale and ownership is transferred, resulting in the beginning of the eviction process. It is unfortunate, but true, that plans to save a home from foreclosure often fall through at the last minute, especially if the homeowners are relying on a magical foreclosure loan or other option that is equally difficult to qualify for. Tenants should gather as much foreclosure information as they can and begin the process of planning for their future no matter what happens with the current property in foreclosure.

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