Foreclosure in 90047>Question Details

Jenny Oaks, Home Buyer in Whittier, CA

If you are a tenant in a property that is rumored lost by the landlord, how can you confirm this is true?

Asked by Jenny Oaks, Whittier, CA Mon May 18, 2009

A relative of the landlord came to a family living in this property and advised them the property was at a loss, being taken from the landlord by the bank. And they would soon have to leave with little notice, how can this be verified?

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First of all, a tenant does not lose his rights just because the property has been foreclosed on, especially if the tenant has a lease. Second, the tenant (if this is true) will be approached by the bank and THEY will work something out.bn Once the property has gone back to the bank the previous owner has no idea of the actions the bank will take. Usually, if the occupants are tenants and it can be proven, the bank will offer an incentive for the tenants to vacate.

Someone can not ask or demand the tenants to leave with little notice, they have to be given, BY LAW, a 60 day notice to vacate.

Dyanna
1 vote Thank Flag Link Mon May 18, 2009
The data is actually public record. Most agents subscribe to a form of the data and can verify with you, although the data may lag a few days up to a few weeks. If this is in LA or Orange County, I would be glad to get you the information that is available. Feel free to email me at BillGross@KW.Com
1 vote Thank Flag Link Mon May 18, 2009
Dear Jenny,

You can verify whether the property has had the Trustee's Sale by contacting the customer service dept. of a local title company or you can contact the County Recorder's office. The notices are also posted in a local newspaper...so you may want to check online.
However, even if the Trustee's Sale has occurred you will not have to leave with very little notice. If you have signed a lease or rental agreement it is valid with the lender and they will make arrangements with you as to moving out. Typically they will send you a letter or post the property. Then they will send a representative or real estate agent (whom they will list the house with) to discuss the situation.
If nothing can be resolved after those contacts, then they could start proceeding for eviction. But most lenders want to work things out with the tenants and at times will offier incentives such as cash for keys, so that the property is left in a marketable condition. Due to the backlog in California, my experience has been that most lenders take several months (ie. 3+) from the start of the foreclosure process to obtaining possession.
All lenders are different and can do different things. But based on my experience this is typically what happens.
However, I am not an attorney, and you may want to consult and attorney for legal advice.
1 vote Thank Flag Link Mon May 18, 2009
In many areas the owner (Bank) may offer you an incentive to leave, i.e. money . There is a program which many banks / asset managers work with called "Keys for Cash". It doesn't hurt to ask. Your local Realtor would be the one most knowledgeable in that area.

Mike Broker Assoc.
S. Florida
0 votes Thank Flag Link Mon May 18, 2009
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