PHOENIX -- Thousands of families across the Valley are on edge because their apartment complexes are on the verge of foreclosure.

Fernanda Mendez lives at the Riviera on 7th apartments in Phoenix. She just learned that her complex is under new management.

"What is going to happen with our deposits? What about the building? What is going to happen if there is a new owner? Are they going to raise up the rent?" asked Mendez.

Riviera management sent out a letter to residents Monday that stated, "The owners or any future owners will be required to honor leases should the property be sold. The ongoing foreclosure process to determine who will ultimately own the community will have no impact on residents."

But Ken Volk with Arizona Tenant Advocates told CBS 5 News that's not exactly true.

Volk said any new owner that buys the apartment complex through the foreclosure process has the option to keep the leases in place or break them and give residents five days notice to get out.

"The landlords may decide depending on market conditions, hey, we don't want to maintain this as a rental, we want to sell as condos and maybe refurbish them. The tenants really are facing a totally uncertain future," said Volk.

Volk added it would seem unlikely that a new owner would suddenly kick out hundreds of paying renters, but folks like Jim Mills just want to be prepared that it can happen.

"With hours cut at work all over the city, some of us need stability and I need to know when I get off work I have a place to come home to. I don't need a note on my door saying it's time to move again," Mills said.