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my landlord has a home property he lives in and approximately 11 additional rental properties.

I have been served foreclosure papers that state he has not made a payment on the house since 11/08. He insists he is completing loan modification on all these properties and I should not worry (to continue paying him). The lawyer says, "no, the foreclosure is live and i will only have a couple months to get out" Not sure what to do. Can you do loan modification on that many properties? by jerryG from , . Jul 24th 2009 Reply

John Frichter (loanmodpro)
#189 ranked lender in California - 10 contributions

Are you renting from a landlord who is in foreclosure on his properties? If so, you should worry. There is no straight answer for his scenario, it really depends on if the banks see the light at the end of the tunnel for him. Chances are, he will probably foreclose on a few of his properties. If you are renting, my advice for you would be to start looking for backup options just in case. It doesn't take that much time to have a back up plan, and it's better to be proactive about your living situation. Hope this helps.

Jul 25th 2009
Scott Schneider (scott.tmms)
#4 ranked lender in Oregon - 2 contributions

It depends on what state you are in and if your landlord is really in contact with the lender. Each state has slight differences in foreclosure law and those differences would determine the impact to you. You may want to put the money in an escrow account and request that the funds are applied to the mortgage payment.ThanksScott

Oct 9th 2009
Chris Neuswanger (mtnmortgageguy)
#92 ranked lender in Colorado - 92 contributions

Depends on state law but I'd be very concerned that you might get a knock on the door and the sheriff asks you to vacate today. In some counties you can follow the progress of the foreclosure on line. Check if you can do this and you might be able to see if it is about to go to sale or if it has been delayed.

Feb 13th 2015
Mike Silkworth (msilkw_195_870)
#29 ranked lender in Michigan - 531 contributions

Whether your landlord can or cannot do a modification may not matter. Sounds like a precarious position to be in, not knowing if you will be forced to move out in short notice. I'd suggest look up local non-profit housing organizations in your local area to find out what your rights are as a tenant if in fact your landlord does loose the property you are living in. Best of luck to you.

Mar 1st 2016
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