I've been hit in the face with the harsh reality of what really happens when an investor faces foreclosure on the home(s)he/she bought as rental homes. I've had the unpleasant task of informing renters that the home they're living in is in foreclosure. This is really a bad situation. The renters have been paying their rent on time and have a lease that is good through next year. Unfortunately, they will have to move right away if the home is foreclosed on. They are caught up in the housing nightmare that is engulfing our market. They are the innocent bystanders that are going to suffer through no fault of their own. At least my tenants know!! I have been hearing way too many stories about tenants having Sheriff's officers show up at their door telling them to GET OUT. It's gotten so bad, several cities have begun to refuse to evict these tenants without prior notice. SOMETHING must be done on a national level to ensure that these tenants have ample time to find a new place to live. I'm thinking that if a home is foreclosed on and the property is rented, the tenants should get 60 days to move out. Is this being unreasonable? I don't think so.
I am anxious to see how this all plays out. It's a MESS!
If you're facing a possible foreclosure on your home--CALL ME! Let's see if we can sell it as a short sale.