Foreclosure in 92545>Question Details

Val, Other/Just Looking in Hemet, CA

The property I have leased for the last two and a half years has gone into foreclosure due to the property

Asked by Val, Hemet, CA Wed Jul 16, 2008

management company filing for bankrupcy. My lease expired in March and was not renewed. I have since been notified that an attorney is the reciever and has retained a new property management company to service the rentals. What action should I take to avoid being evicted if the bank sends the home to auction?
Thanks, Val

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I am not an attorney and you really should seek the advice of competent legal counsel.

My understanding is that once the bank forecloses they are not obligated to honor your lease. Sometime after foreclosure they will show up on your doorstep and ask you to leave. They might offer you cash for keysif you leave willingly and do not destroy the property. If you don't want to leave they will evict you.

I'm sorry, but it's that black and white in my experience.
0 votes Thank Flag Link Thu Jul 17, 2008
Just Looking, you will need to ask an attorney to get legal advice. Are you sure the home is in "foreclosure" or is it simply in "receivership?" If it is in receivership you may not have to move at all.

You would do well by seeking legal advice and letting them read over any and all notices that you have received.

Wish you well!
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Wed Jul 16, 2008
Thanks Cindy,
Yes, the PMC has authority per a letter from the attorney. I have been sending an electronic rent check to them with the attorney's name as the reciever since March. I have also spoken to the manager, but she has not shed any light on the current status of the home - with the exception of the advice to ignore the many foreclosure notices that have been sent by mail to the old PM company at this address.
0 votes Thank Flag Link Wed Jul 16, 2008
You will most likely eventually be evicted once it gets to foreclosure. Hang in there.....are you sure the property management company has been retained by the lender? Do they proper authority to collect rent from you.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Wed Jul 16, 2008
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
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