Foreclosure in Torrance>Question Details

Rigo, Renter in San Diego, CA

The house im renting sold in a trustee sale but it went back to the beneficary. whats my next step....how much time do i have in that house. san diego

Asked by Rigo, San Diego, CA Sat Dec 31, 2011

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Kawain Payne, Realtor, Notary’s answer
Hello Ringo,

The amount of time you have left in the house will depend on the lender.

Once they assign the home to a Realtor to market for sale, you will be notified.

Many banks offer "Cash for keys" meaning they will pay the tenant cash in order to get them to move without having to go through an eviction process.

Best of luck to you.
Kawain Payne, Realtor
714-293-1151
0 votes Thank Flag Link Fri Feb 17, 2012
The lender usually has a real estate agent assigned to the property after trustee sale. They will contact you (visit to your front door and leave a note on the front door with their contact info if you are not available). You should hear from them within 2-3 days after trustee sale. Each county can have their own tenant - foreclosure laws. In Los Angeles county, they cannot offer you cash for keys if you provide them a copy of your lease agreement and pay the new owner (bank) your monthly rent. You must also allow for showings of the property to prospective buyers. They can sell the home to a new owner, tenant occupied. Good luck.

Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Direct: 818-903-2040
Rodeo Realty
Dre License #01712757
0 votes Thank Flag Link Sun Jan 1, 2012
Rigo:

Please review the following blog post that has a few facts you should be aware of regarding your situation:

CA's "Protecting Tenants at Foreclosure Act" - need to know info!
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/…

Best, Steve
0 votes Thank Flag Link Sun Jan 1, 2012
Rigo, for the most part Emily was right with her answer. Unfortunately there is no time line that every bank or beneficiary adheres to. With the vast amount of REOs on the market and the huge back log of soon to be REOs it is very likely that you may be able to be strong in negotiating for a combination of cash for keys and time in the property to enable you the time necessary to find yourself a suitable replacement property. I suspect to make matters worst for you, this foreclosure has pointed out to you that you have been paying rent to a landlord that wasn't paying their mortgage. Hopefully your security deposit has been secured by the beneficiary rather than being lost with the foreclosing on your landlord. You should investigate that while you proceed with the above.
Feel free to post a reply or reply directly to my e-mail below.
Regards,
Bruce
0 votes Thank Flag Link Sat Dec 31, 2011
The asset manager for the bank will be contacting you, they will go over to the house as a preservation measure or send you a letter. They may allow you to rent back from them depending on when they think they want to bring the home back on the market as an REO. You should try to negotiate a good rent price with them as YOU are doing THEM a favor as basically acting as a property manager!

OR They will offer you 'cash for keys', which should be at least 1mo worth of rent, you should try to ask for 1-2mos worth of rent so you can have time to look for another place & then move.

Shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes Thank Flag Link Sat Dec 31, 2011
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