Foreclosure in San Fernando>Question Details

Lily030, Other/Just Looking in San Fernando, CA

How long before I have to vacate the house that I am renting?

Asked by Lily030, San Fernando, CA Fri May 15, 2009

I just got a letter saying that " notice to vacate the property" That the house was auction on May 10, 2009.
We are renting the house and have been giving our monthly rent payment every month. Is the house on foreclosure? or was it already? I am so confused.
We spoke to our landlord and he is telling us that he is doing a loan modification on both of the houses he has. Then he explain to us that only one of the homes went trough but the other his lawyer is trying to fix the problem. He said he has an appointment this monday with his lawyer and the purchaser lawyer. Now I have to think what I am I going to do and look for a place for family of 6. ****** Please advice me ****** Thank you soo much for your help.

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Answers

2
Take a good look at your "notice to Vacate." Did it specify a date? Is there a phone number to call?

If it has actually been foreclosed, you will need to deal with whoever got it in the foreclosure auction. It could be the lender, or it might be an investor who plans to either sell it or rent it.

And Homa is correct that often lenders will pay you ("Cash for Keys") to leave nicely. They don't want to have to spend a lot of money on an eviction, or have you be mad and do damage to the property.

Good luck -
Vicki
0 votes Thank Flag Link Fri May 15, 2009
Hi Lily030,

Even if the house goes through foreclosure and the bank take ownership, the bank generally will negotiate with you and should give you reasonable time to move out. Also there is "key for cash" that they may even pay you for your trouble and expense of moving out.

Find out who is the bank. I recomment start searching for another rental property. But do not worry too much. Bank should give 30 to 60 days to move out and pay for some of your expenses.

Sincerely,

Homa
Prudential California Realty
Mission Viejo
0 votes Thank Flag Link Fri May 15, 2009
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