Foreclosure in Santa Rosa>Question Details

Allcityp, Other/Just Looking in Compton, CA

I have been served with a notice my landlords house has been foreclosed on and sold at an auction. How long do I have to vacate? The date of the cash

Asked by Allcityp, Compton, CA Tue Sep 8, 2009

for keys letter has passed. Can I stay longer than 60 days of the time I was served?

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Per a federal law passed in late May 2009, post foreclosure tenants have at least 90 days. Furthermore, the new owner must honor a lease of up to one year, unless the new owner plans on occupying the premises as their primary residence, then it's 90 days from notice served by new owner. Since most trustee sales have no bidders at the ausction, the beneficiary (bank) ends up with the property, which now becomes an "REO." Since the bank isn't going to occupy as their primary residence, you could end up being able to stay for a long time.
0 votes Thank Flag Link Sat Sep 19, 2009
You have tenants rights in the state of CA. I would not worry until you receive an eviction letter.. Call the listing agent and see if the cash for keys offer is still available. If they want you out too soon, you can stay and eventually be served an evistion notice, which should buy you some time to find another home
0 votes Thank Flag Link Tue Sep 8, 2009
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
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Have you been served with a notice to vacate or eviction notice? The time for eviction is 60 days in the state of california in your case as a tenant occupying a rental after foreclosure. You mentioned a "cash for keys" letter? Did you ignore this? WHY?!! Did it have too short a time in which to vacate the premises? The cash for keys letters donot constitute a notice to vacate. They are simply a proposal to you, if accepted, to accept money to leave the premises in a shortened time frame. This works for many folks. I would be carefuly in trying to "game" the system. I would open up the communications line with the agent or representative from the lender as you may get "more" money to vacate but putting your head in the sand can find the Sherriff knocking on your door with orders to have you vacate NOW!!
0 votes Thank Flag Link Tue Sep 8, 2009
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