foreclosure question

**SLICKRICK1170** · 04-03-2008, 04:39 PM

the house i rent has gone into pre foreclosure the owner filed chapter 13 where does that leave me? and what can i expect from the owner to do ? what are his options? what should i look out for

**Portland Real Estate Guy** · 04-03-2008, 05:29 PM

He can try to sell it. I'm noticing lots of short sales going on right. If he does try to sell, prepare for showings.

**carlam** · 04-07-2008, 04:35 AM

If you are worried that you will be homeless, I wouldn't worry any time soon. It takes a while for the whole process to happen. I would continue to make your rent payments, it is a reflection on your credit if you stop. I have a client in the same boat, the bank had someone knock on her door, she told them she was renting and she is still there. That was 4 months ago. Just have a backup plan.

**Mike Taylor** · 04-07-2008, 04:50 AM

I would start looking for a place to live, but like Carla says don't break any part of your lease unless you have an agreement in writing from the owner.

**Kleimer Company** · 04-08-2008, 02:06 PM

Contact your lender for help. One study showed half of borrowers never contact their lenders for help. Many have programs in place to help you.

Restructure your mortgage for a lower interest rate or longer loan.

Ask for a forbearance in which the lender temporarily allows you to make lower monthly payments.

**mjgiorgianni** · 04-08-2008, 02:20 PM

Better start packing. The owner should keep you updated. Your getting good advice on this thread, take it all in. Everything will work out for the best.