When your landlord forecloses

NEW YORK (CNNMoney.com) -- Foreclosure worries aren't exclusive to homeowners. Renters are also in danger of losing their homes if their landlord goes into foreclosure. Here's what you need to know.

Landlords are under no obligation to tell you if they are facing foreclosure. In some states you may get a notice of default when your landlord stops paying the mortgage. But sometimes, there is no warning at all. You don't have rights if your landlord falls into foreclosure according to Todd Beitler of the Real Estate Library. In some cases, you'll be forced to move. Other times you'll just sign your monthly rent check over to someone else.

Here are some signs that you're landlord is in the red: First, if building maintenance has gotten noticeably slack. Maybe the lawn is overgrowing or there are less building repairs. Look at your local newspapers for legal notices against your landlord. And of course, never discount town gossip.

Whatever you do, just keep making your monthly payments. If you don't, the landlord could sue you. Unless you are evicted, you still have to abide by your lease. Plus, you don't want to hurt your credit score with missed payments.

Eviction laws and tenant protection laws vary by state. You'll want to see what applies in your area. Go to the US Dept. of Housing and Urban Development Web site at HUD.gov.

For example, in Connecticut you can defend against eviction if you're over 62 years old or your elderly parents live with you. You may also be able buy more time for yourself if you have a special reason for staying on in the home - say your children need to complete the school year.

If you don't want to move, you may be able to negotiate with the new owner. Remember, your monthly payments are an asset stream. And contact the lender too. You may be able to gather up some incentives for moving. It's called "cash for keys" program.

It's basically financial assistance for leaving the property within a certain amount of time and keeping your place in good condition. While it's unlikely that many lenders will do this today, given the avalanche of foreclosures on the market, according to Beitler, it can't hurt.

One note to renters who are facing eviction because of foreclosure: Get your security deposit back! As long as you have been keeping up your end of the lease agreement, that's your money!