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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 are up significantly in 2007 as compared to 2006 or 2005 and many tenants are getting caught in the cross-hairs. With many Adjustable Rate loans & Interest only loans on the market entering periods of recalculation, some borrowers are in a position of defaulting on the loan because they can't make the higher payments. Consider in some cases the borrower has become a landlord and has a tenant. What is the tenant to do? Here are some tips:

- Communicate: With the Landlord. With a Lawyer. Make sure you understand your rights. Do what you can to ensure that you don't 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. 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.