Do only homeowners get foreclosures? Or can apartments get them and all the tenants be forced to move?

Question

Do only homeowners get foreclosures? Or can apartments get them and all the tenants be forced to move?

Answer 1

Most apartments have loans.  If the loan is not paid, the bank takes the property.  They can make everyone move.  A foreclosure wipes out your lease. /

Answer 2

Yes, they can also be foreclosed on, but in a apartment building you are not likely to be evicted since whoever buys it can't live in the whole thing like they would buying a private home. I'd be prepared for a rent increase and maybe a few changes in the rules, but I wouldn't worry about having to move.

Answer 3

Most of the foreclosures are rentals, even the houses.  

Yes, the tenants have to move.

I am actually thinking about picking up some complexes, Sacramento, CA has large, vacant ones for cheap.

Of course I do not have the required 25% cash, I would have to sell something else.....so just thinking.

Answer 4

Yes, rental properties can be foreclosed on for the same reasons that owner occupied homes can be foreclosed on, lack of payments on the mortgage.

If you are renting a single family home and the owner is foreclosed on, the renters are usually evicted.

When the apartment complex you live in is foreclosed on, the renters usually get to stay.

Answer 5

Anyone who defaults on their mortgage can receive a foreclosure.  That would include homes, apartments, or condo's