Commercial

When Your Landlord Is Facing Foreclosure: Options for Tenants

Foreclosure filings in the U.S. are at the lowest levels in 11 years, according to ATTOM Data Solutions, which curates a property database. Default notices, scheduled auctions and bank repossessions occurred on just 191,824 properties in the third quarter this year – the lowest since the second quarter of 2006, and the fourth quarter in a row to have prerecession foreclosure levels – according to the report.

It’s a far cry from the housing market crisis during the recession, when as many as 10 million families in the U.S. lost their homes to foreclosure.

For renters who have been paying their landlord as usual, the stability of the current housing market may make it a surprise when they find out the owner has missed too many loan payments, and the property they call home is now in foreclosure proceedings.

Read Article at USNews

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