What is foreclosure?
Foreclosure is what happens when the bank or another lender wants to take back the house or apartment you rent because your landlord can't pay their mortgage. The lender brings a foreclosure action against the property owner to try to force him or her to either make good on the payments or sell the property and pay what is owed out of the proceeds.
What do you do if your landlord's property is being foreclosed?
If you are living in a house that is under foreclosure you will have to move out of the home by the possession date unless the buyer agrees to a new tenancy agreement. There is not much a tenant can do to affect the foreclosure process. However, read our Foreclosure and Tenants Q&Ato understand how to best deal with the situation.
Communicty Legal Assistance Society
If you are living in a property facing foreclosure, you can contact Community Legal Assistance Society (CLAS) for more information:
- 1-888-685-6222 (toll free)