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Foreclosure is when the Bank that holds the note to the property begins to retake possession of the property because the loan holder/owner has failed to make mortgage payments. Foreclosures in 2007 are up significantly over 2005 & 2006. With many Adjustable Rate loans & Interest only loans on the market entering periods of recalculation, some borrowers are in a position of not being able to make the new, higher payments. While all of this is bad enough, what about the scenario where the borrower has rented the property out & is acting as a Landlord? What is the tenant to do? Here are some tips:

- Communicate: With the Landlord. With the bank/lender. With a Real Estate Professional. With a Lawyer. Make sure you understand your rights. Make sure that you aren't doing anything to jeopardize your good credit or that no negative actions are being taken towards you.

- Negotiate: The Landlord may have no room to negotiate, they may be holding you to the letter of the lease. But if the property has already been foreclosed upon & the bank is the owner, negotiate directly with the bank or their representative. By all means, avoid the eviction process.

- Make a Plan of Action: It is hard to plan with such short notice, but you as the tenant need to quickly move from a reactive move to an active stance in a short period of time. Discuss the possibility of you being able to obtain the property or a loan from the bank. Remember, they want to sell the Bank Owned / Foreclosure Northern Virginia Homes as quickly as possible and may be willing to work with you. Also, plan on looking for a home a develop the hunting strategy in short order so you have a place to live. Again, with a minimal amount of planning & communication you might just find out that you can afford a home yourself & thus consider the benefits of buying over renting. A Northern Virginia Real Estate Agent & their lending partners will be able to give you an answer about buying a home in Northern Virginia in less than 24 hours. Consider that this potentially bad situation could end up working to your benefit.