Foreclosure in 92646>Question Details

btownblue, Other/Just Looking in Huntington Beach, CA

My parents walked away from their house but my husband and I are still living in the property. Is my status owner or tenant?

Asked by btownblue, Huntington Beach, CA Thu May 16, 2013

The house is being sold at auction in one week. We'd really like to know if we'll be given 3 days or 30 to vacate (if the former, obviously we will not be offered cash for keys). Also, some of you have mentioned the black mark on your record if they evict you. So it seems possible that we'll have 3 days to move out or have our credit damaged? :(

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19
Hi there! Regarding your questions above, there are a number of variables to consider. I've worked with Investors for over 8 years so this scenario is one I'm extremely familiar with.

Scenario 1: the house goes to sale at auction in one week and reverts back to the bank as no third party purchases it. The result is you will have approx. 2 weeks to 45 days (possibly less time depending on who the lender is) before an REO listing agent gets assigned to your home. The listing agent will arrive at your home and usually discuss a cash for keys option with you as we'll as timing for move out. They can offer you various dollar amounts and usually in order to get the highest amount you want to be as cooperative as possible an try to move out in 30 days or less. You will need to sign the necessary bank disclosures and paperwork once you and the listing agent agree on terms for vacating the home.

Scenario 2: house goes to sale and gets purchased by third party/investor. The investor's representative will usually arrive at the home within 24-72 hours upon purchase at auction and will leave all necessary documentation for contact purposes posted in plain sight (if you aren't home when they arrive). Basically, you will need to make contact with the rep and negotiate cash for keys and your move out timeframe. Most investors are much less generous with cash amounts and moving deadlines, but will work with you as long as you're cooperative and not trashing the home.

Scenario 3: either 1 or 2 happens above and you refuse cash for keys and intend to stay in the property. Whether its the bank or a third party who owns the home post auction, they will still need to follow all necessary eviction laws to have you removed from the property. If your eviction goes to trial it will go on your public record along with the judgement (favorable or not). The only way your credit gets hit is if there is a monetary judgement against you from the trial and you choose not to pay it. However, allowing an eviction to go on your public record could potentially damage your hopes for any future rentals as most landlords look into this info prior to renting properties.

I hope this helps and if there is anything further you need, I'd love the opportunity to assist you. I tried to keep it as brief as possible, but obviously some details were left out. You can reach me anytime.

Veronica Bertrand
Realty One Group
714)616.7255
Realestate.veronicab@gmail.com
1 vote Thank Flag Link Thu May 16, 2013
I assume this person's issue has been resolved as the question is nearly a year old.
0 votes Thank Flag Link Mon Apr 21, 2014
I assume this person's issue has been resolved as the question is nearly a year old.
0 votes Thank Flag Link Mon Apr 21, 2014
if you are not on the title of the property, you are not living there as an owner of that property.
0 votes Thank Flag Link Mon Apr 21, 2014
To make it simple- being related to an owner doesn't make you an owner. So in most circumstances you would be considered a tenant. If you want to save your parents home from being foreclosed upon, call me. I can see if I can get you approved for a home loan.714-745-3290
0 votes Thank Flag Link Sat Apr 12, 2014
Emily - You always include " I don't look back on this same Trulia posting for answers after mine, including yours.." BUT, you ALWAYS follow it....
0 votes Thank Flag Link Fri May 17, 2013
when I answer new questions, I always pull up a recent answer to copy/paste my info, so I'm not constantly retyping it, like right now, I was just doing a copy/paste & noticed your remark.
Flag Tue May 21, 2013
Sheesh there's a lot of mean answers on here today.

I don't call you a squatter, to me that kind of term is for when a home has been vacant for a while & a stranger to the owner or homeless person starts sleeping on the bare floors to find shelter from the elements.

Ok, maybe you're just an Occupant if you don't have a signed lease.

But, you could get a signed lease from your parents & BECOME A TENANT, legally & today (since they still, as of today ARE the owners), call it "day to day tenancy".

IF you call me TODAY & we get to work on getting the auction postponed so we can process the short sale. The other Trulia question/answer I told you to look at, those owners did the right thing & called me today, I'm meeting them tomorrow & I'm going to help them postpone their auction & they're going to be able to stay in the house, essentially payment free for at least another 60-90 days Minimum. If you want to be kicked out on the street in the next 10 days from Mr. new investor who just bought it at auction, then don't call me.

Give me a call or shoot me an email directly, I don't look back on this same Trulia posting for answers after mine, including yours. (it's a matter of my not getting an email alert every time another agent answers your question) Please let me help you & your parents to Not have a foreclosure on their records.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent
100% Success Rate in CA
0 votes Thank Flag Link Fri May 17, 2013
As other have said, if you are not on title and I expect you do not have an arm's length lease so you are NEITHER an Owner nor a Tenant - You are an "Occupant".
You need to cooperate with whomever knocks at your door whether it be the Listing Agent for the Bank or the Investor who buys it at auction. If you do not cooperate, your options are "not great". If you do cooperate, you may receive a few dollars to move out as quickly as possible. I expect you've been living there rent-free for many months, if not years.
I hope you are packing as you WILL be moving.

Best of luck,
0 votes Thank Flag Link Fri May 17, 2013
How could your status be owner?
0 votes Thank Flag Link Fri May 17, 2013
If you're not on title as the owner and you don't have a signed lease agreement, you're technically a squatter.
0 votes Thank Flag Link Fri May 17, 2013
I would contact an attorney to resolve your dilemma


Joel Lobb (NMLS#57916)Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage (NMLS #1800) 107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes Thank Flag Link Fri May 17, 2013
Most investors that pick up houses at auction will give you a few days and a few bucks to get out if you leave the house in good condition.
0 votes Thank Flag Link Fri May 17, 2013
Okay, so you have known this day was coming for how long? Six months, a year? You are a squatter, get out all ready.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Fri May 17, 2013
Are you actually trying to use this site to promote your business? fail.
Flag Fri May 17, 2013
Are you actually trying to use this site to promote your business? fail.
Flag Fri May 17, 2013
Are you actually trying to use this site to promote your business? fail.
Flag Fri May 17, 2013
Are you actually trying to use this site to promote your business? fail.
Flag Fri May 17, 2013
Are you actually trying to use this site to promote your business? fail.
Flag Fri May 17, 2013
If you're not on title, you're a tenant.

If the auction is in a week, there is still time for me to work with your parents lender to do a short sale, but you need to call me TODAY, a week is pushing it a bit close but I have gotten auctions postponed in order to do a short sale within 24hrs of an auction, but I'd prefer NOT to deal with that kind of stress.

If your parents will work with me & we can get the auction postponed to do a short sale & depending on who the lender is, I can make it so you can stay there for AT LEAST another 60-120 days!!! This is because no matter how much banks are telling us they're "streamlining" their process & it doesn't take as long to complete a short sale, they're still taking their sweet time.

Not just 2 minutes ago I answered a similar question for an owner who has an auction date coming up at the end of this month, please click on my profile & see my Q&A answer to them, it's under this question "What is better a short sale or filing for bankruptcy, house is going into foreclosure the end of this month 05/29/2013, please advice...thank you"

Most everything I want to tell you is within that answer. After you read that. Give me a call or shoot me an email directly, I don't look back on this same Trulia posting for answers after mine, including yours. (it's a matter of my not getting an email alert every time another agent answers your question)

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent
100% Success Rate in CA
0 votes Thank Flag Link Fri May 17, 2013
Hello,

I am sorry to hear about your misfortune. If your name is not on the deed you are not the owner. Did your parents do a quick claim deed and add you? You should give a real estate attorney a call and get your options. Did your parent ever look at a short sale or bankruptcy to stop the foreclosure then do the short sale. The bankruptcy would give you time to work things out with the bank regarding a short sale. I wish you the best, good luck.

Dave Dyssegard
Tarbell Realtors
949-315-1206
0 votes Thank Flag Link Fri May 17, 2013
If your name isn't on the deed/title, you are not an owner.
0 votes Thank Flag Link Fri May 17, 2013
I know much of the basic stuff that is about to happen. what I really need to know---Please can someone tell me--what is my status. am i a tenant or a legal extension of the owner?
0 votes Thank Flag Link Thu May 16, 2013
new owner will need to follow the law regarding your vacating the property. since you are not the owner and you don't have a lease, you could tell tjem that you were renting it from your parents. The owner my offer you cash for keys as the tenant to make sure that you leave the house clean and completely empty, and most likely will work with you for some time find a new place and move out, but I would not set around waiting to see what happens.
If you.would like some help finding a new rental, I can see what is available.
Lori Hanson
OC HOMES REALTY
DRE 01405146
714-585-5236
estatepricing:@yahoo.com
0 votes Thank Flag Link Thu May 16, 2013
All the best to you, there could be so many variations and consequences...I am curious about this situation as well.
0 votes Thank Flag Link Thu May 16, 2013
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