Foreclosure in Santa Rosa>Question Details

Victoria Fis…, Other/Just Looking in Santa Rosa, CA

Regarding Foreclosures: I believe their is a new law protecting bona fide tenants left remaining on REO or bank owned property.

Asked by Victoria Fischer, Santa Rosa, CA Wed Sep 23, 2009

A lot of real estate professionals keep stating tenants are to be given 60 days notice to vacate by the new owner who took title. But am confused. What about the new bill signed by President Obama in May 2009 which definately states they should be given 90 days. Check out The Protecting Tenants at Forecclosure ACT< Pub. L, No111-22 which became law on May 20, 2009. So what is it?

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90 days is the law and no one should be allowed to violate it. Make sure people are armed with the correct information.
0 votes Thank Flag Link Wed Sep 23, 2009
Victoria, robert is correct, as the amended law, for any Federal related loan (and that's just about anyone!) needs to give 90 days notice. However, we who do REO's offer quicker "Buy-out" programs for tenants to vacate the premises. Some cities, however have Just Cause eviction ordiiances.
They are: San Francisco, Oakland, Berkeley, Los Angeles, Santa Monica and West Hollywood. San Jose, Palm Springs, Hayward and Beverly Hills have rent control, but no eviction protections. San Diego, however, has "just cause" eviction, but no rent control. A few other communities have mediation programs or very limited rent control. Those won't help you in this situation, and your "protection" is limited to that provided by state and federal law.
0 votes Thank Flag Link Wed Sep 23, 2009
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