Unemployed Tenant

[Derek Venhuizen]

I have a 3 bed / 3 bath townhouse that is rented to 3 tenants.  Two of the three tenants have never been late. The third tenant has historically been consistently late yet always has paid in full until recently.  After 15 months of renting the tenant has now informed me that he is unemployed.  He is currently 1 month late and as rent is due on the 1st of August he now owes 2 months rent $2k. I have a 1.5month security deposit from all tenants - what is the best way to handle going forward?