what does it mean when a property (house/apartment) is in jeopardy of foreclosure?

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what does it mean when a property (house/apartment) is in jeopardy of foreclosure?

how does it affect the people who buy it or are considering renting it???

2007-11-27 11:15:16 · 2 answers · asked by LOVE ♥ 3 in Business & Finance ➔ Renting & Real Estate

2 answers

If you are buying, it's a good thing for the current owners. They get to pay off their loan (hopefully in full) with the assets that they receive at the closing. If you are considering renting, however, I wouldn't. If a property is foreclosed, the current tenants may be requested to leave the property with little or no advance notice.

2007-11-27 11:20:37 · answer #1 · answered by Angie 6 · 1⤊ 0⤋

tenants' rights in this situation are determined by state law [in the US]. google will help you find them.

2007-11-27 19:24:22 · answer #2 · answered by Spock (rhp) 7 · 0⤊ 0⤋