Foreclosure in 94513>Question Details

Rachel, Other/Just Looking in 94513

We are renters and just got a 30 day eviction notice, letting us know that the owner will be getting

Asked by Rachel, 94513 Sat Oct 18, 2008

foreclosed upon. Is there any way to get our $5000 deposit back? Is it unheard of for renters to continue to rent the property from the bank? How would I find out which banks the loans are through?

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How much contact have you had with the owner lately? I recently knew of a tenant that was able to get his deposit back over a few months by just staying in contact with the previous owner and working with them. You can take hime to court and get a judgement but it may not payoff for a while. What you dont know is that he/she may have other assets/houses and a judgement may help, but I would try the sweet approach first. I have meet many well-to-do people letting houses go. Hope that helps :)
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0 votes Thank Flag Link Mon Nov 17, 2008
Sorry, one more thing. Bank's, by law, cannot be landlords. So they will not let you continue to rent the property. Let me know if I can be of help to find you another home to rent in the area.

Thanks.
0 votes Thank Flag Link Sat Oct 18, 2008
Good Morning. First, if you are getting an eviction notice, the property is already been foreclosed on. It is easy for you to determine the status of the foreclosure by going to the Contra Costa Times website and put your address into search and you will the see the notice that was posted in the paper. Second, this is going to sound harsh, but the $5,000 is gone. The landlord let the property go into foreclosure and he doesn't have any money. So even if you got a judgement against him, you will never collect it, or spend more time than its worth to track him down to get your money. Even if you win a judgement and try to put a lien on title so the bank would have to clear that before selling it to someone else, by the time you get the court date and go through the process, the bank will have already sold the property. Your best course of action is to hope that the bank will offer you cash for keys, and leave the property in its present condition. Also there is one very important thing, do not let the landlord anywhere near the property to remove any items before you turn over the keys to the realtor representing the bank. If it has been foreclosed, he no longer owns the property, therefore, he CANNOT remove any items, it can be considered stealing the "banks" property. If you allow him to get any items (appliances, water softener, etc) the bank could say you assisted in the theft of their property. I have seen this happen in some cases. So be VERY CAREFUL how you proceed. Work with the realtor that is representing the bank and you will find it a lot easier transition. I know this is an awful situation that I am seeing happening to a lot of innocent people.

Let us know if we can be of further assistance.

Good luck!
0 votes Thank Flag Link Sat Oct 18, 2008
banks do not rent foreclosed properties, they will seel to evict you upon teh completion o fteh foreclosure sale. two things you need to do know is get an attorney to go after the $5000 now, attach the house with a lien in case it does sell to aperson at foreclosure sale and teh bank doesnt take it back, as well you should seek to attach the owners other assetts. the second thing is once the bank does take it back, an assett manager will be in touch with you, at that time ask for a cash for keys agreement. this is where the bank will pay you anywhere from $500 to $1500 to move out within 30 days and you leave the property clean. if you fight your eviction you probabuly will not win and will not receive the cash for keys. goo dluck with working it out and getting back your money.
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0 votes Thank Flag Link Sat Oct 18, 2008
Hello Rachel. Sorry to hear this is happening. Who sent you the eviction notice? Do you know how soon the trustee sale will occur or whether a date has even been set yet? How long have you lived in the house? If the notice came from the landlord, I am wondering why the landlord would bother to evict you if he/she will lose the house. Are they claiming that you caused them to lose the house because you did not pay your rent? I am not saying you did not pay your rent. I am just wondering what the landlord's motivation would be. It's not very common that a landlord would do that.

Banks are not known to continue to rent the property, but once the property is bank owned, the bank has to give you 60-day notice. Banks don't want to be landlords. They want to get these properties off their books and marketing a property that's tenant occupied is more difficult.

As far as getting your deposit back from the landlord is concerned. I would not get my hopes up. You may have to go to small claims court to get a judment and then you'll have to see how you can collect on it. I know that's not good news, but it's the most likely scenario.

If you want to know a little bit more about the status of the foreclosure, you can e-mail me the property address (please don't post it here) and I'll look it up for you.

Good luck to you.
0 votes Thank Flag Link Sat Oct 18, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
Rachel

Actually, the lender might PREFER to have you stay and continue to occupy the property if you are paying rent.

Below is the link to your city's Housing Dept. I would call them and find out what they know. The city's Landlord Tenant Rules may dictate how this is handled. The city can probably find out who the lender is and may be willing to help you contact them.
0 votes Thank Flag Link Sat Oct 18, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Rachel,

Our recommendation is to be in touch with a local attorner to get their insight on the best course of action.

Best wishes
0 votes Thank Flag Link Sat Oct 18, 2008
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