Foreclosure in 92128>Question Details

andreapasley, Renter in 92128

I am a tenent in a home in San Diego and I got a notice of trustee's sale.

Asked by andreapasley, 92128 Fri Jan 4, 2013

The sale is schedule for January 25th. Who owns the home after the sale: the new owner (if it sells); the bank; or the current owner in default?
If they postpone the auction, who owns the home them? The current owner?

Help the community by answering this question:

Answers

10
The current owner owns the home until the bank takes it back or it is acquired by an investor at the sale. The home still belongs to your landlord until the foreclosure is completed.
1 vote Thank Flag Link Fri Jan 4, 2013
If you have a lease you are protected and can stay out your lease term regardless of who the owner is. You will need to pay rent to the bank if they acquire the property. They will probably offer to pay you money to leave, to allow them to market the property sooner. They call it "cash for keys" The amount can be negotiated.
1 vote Thank Flag Link Fri Jan 4, 2013
Yes, as people wisely said here below, notify your landlord and have him/her let you know what direction he'll be taking.
0 votes Thank Flag Link Wed Jan 9, 2013
Jim Fishinger nailed it. Hang in there. This could actually be a lucky break for you. But I would suggest that you start looking and be ready for a move. Check out this link. It may be of some help. Good luck.

http://homeguides.sfgate.com/tenants-rights-property-foreclo…
0 votes Thank Flag Link Fri Jan 4, 2013
May I suggest you educate yourself on this and other important renter issues at RentSenseBlog.com Neil
0 votes Thank Flag Link Fri Jan 4, 2013
Andrea~

I see your questions have been answered very well here. The Seller may be interested in proceeding with a short sale, which would potentially postpone that rapidly approaching sale date, and give you more time as well. If you have any interest in purchasing this home, you may want to let the seller know this. Most often, a Short Sale is infinitely better than a Foreclosure and many of the banks even pay a relocation expense, so it is worth looking at all options. Hopefully you have a good relationship with the owners, I would speak to them immediately. Let me know if I can help in any way. Good Luck & Be Careful!

Chris Gorno, CDPE
Windermere Real Estate SoCAL
http://www.savemyhouseonline.com
ChrisGorno@gmail.com
0 votes Thank Flag Link Fri Jan 4, 2013
Chances are that whomever you are sending your check to is the owner. If the property actually gets foreclosed upon, the bank will then be the owner.

Chances are, that you will need to find another place to live. The banks will not abide by the rental agreement that you and the current owner established.
0 votes Thank Flag Link Fri Jan 4, 2013
Hello Andrea,

You are in Rancho Bernardo, probably very close to where I am responding to this. At any rate, you should probably let your landlord know that you received this notice of trustee sale. I'm sure they are aware of their financial situation, but may not be aware of when/if they had received this notice. They may look to get a loan modification, a deed in lieu of foreclosure, or a short sale. In the event they don't do anything and it actually goes to auction on 1/25, the new owner may be someone who buys it at auction (buying it "as is") or if nobody bids on the property, it reverts back to the bank at the minimum opening price. Jim made a few good points already, so no need to rehash those.

Chad Basinger, REALTOR®, CPA, CFP®
858-997-3704
chad@chadbasinger.com
Web Reference: http://www.chadbasinger.com
0 votes Thank Flag Link Fri Jan 4, 2013
The current owner will continue to be the owner until: A - It's purchased at a foreclosure auction at which time the buyer is the new owner or B - It's foreclosed by the bank who then becomes the owner.
0 votes Thank Flag Link Fri Jan 4, 2013
After the trustee sale, either the bank will own the property or the highest bidder, if it's higher than the banks first bid. In either case, your lease is protected and must be honored. If they postpone the auction, the current owner, presumably your landlord, will retain ownership.
0 votes Thank Flag Link Fri Jan 4, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer