Sacramento Renters are Facing Foreclosure Too!

Surprising, huh? That's what I thought too. But as I hear from my clients, there are quite a few properties that are going into foreclosure and some of these properties are rentals! Sometimes the tenants don't even know the house they are living in is being sold or auctioned on the court steps.

If you are tenant being foreclosed upon - or know someone who is, here are some things to do:

1. This is something that is very much in advance. If you have people slowing as they drive by the home, something is obviously up. And I don't mean the occasional person looking for an address. I mean, if people are driving up and stopping and then driving away after looking at your house, something is wrong. I would call the landlord and let them know. Just in case.

2. If the landlord says that nothing's up but you find out somehow, call the mortgage company immediately. It isn't that hard to find out who the mortgage company is. Just find a local Realtor and have them look up the tax records. Then call the mortgage company and let them know you live at the place that will be going into foreclosure.

3. Obviously, all of this may or may not amount to something. Keep paying your rent, but start looking for another place immediately. Chances are an investor will buy the house at the foreclosure, but they may or may not want you in there, especially if you've been enjoying rent that is lower than other homes in the neighborhood.

As soon as you hear anything about a foreclosure on the property you're living in, first call your landlord and second start house hunting. By the way, don't forget to check in with me. You might just be able to afford a home to buy, not just rent!