The question is also how long does your current lease run? If the house is purchased at auction it may be that the new owner would have to honor your lease until it expires. If the house does not sell at auction and the bank takes it over then they will terminate whatever lease you have and you will be issued a notice to vacate the premises, and this goes quite fast.

Mon Aug 11 2008, 05:39

Hello Illona,

For your best advice check outhttp:// www.hacla.org for more info. It is also important to know if you are currently in a lease or not.

Best,

Monique Carrabba
Keller Williams Wilshire
The Reavis Group
mcarrabba@kw.com

Sun Aug 10 2008, 22:31

The owner of this house in foreclosure is not allowed to rent it out to you or anyone else after they receive foreclosure notice. They can't collect rent while going through the foreclosure process. Nice business if you can get it! Don't pay your mortgage and collect rent. Owner is subject to all kinds of legal problems!

Sat Aug 9 2008, 07:33

Ilona

I am sorry to hear that you will need to move. Unfortunately you are not alone. Due to the fact that this is happening on a much too regular basis, on or about July 7, 2008 Gov. Arnold Schwarzenegger signed into law SB 1137, which some call the Foreclosure Relief Bill. This is copied from the Legislative Counsel's Digest portion of that Senate Bill:

"(2) Existing law governs the termination of tenancies and generally requires 30 days' notice of the termination thereof, except under specified circumstances. Existing law also establishes the criteria for determining when a tenant is guilty of unlawful detainer.
Until January 1, 2013, this bill would give a tenant or subtenant in possession of a rental housing unit at the time the property is sold in foreclosure, 60 days to remove himself or herself from the property, as specified."
AND
"SEC. 6. Section 1161b is added to the Code of Civil Procedure, to read:
1161b. (a) Notwithstanding Section 1161a, a tenant or subtenant in possession of a rental housing unit at the time the property is sold in foreclosure shall be given 60 days' written notice to quit pursuant to Section 1162 before the tenant or subtenant may be removed from the property as prescribed in this chapter.
(b) This section shall not apply if any party to the note remains in the property as a tenant, subtenant, or occupant.
(c) This section shall remain in effect only until January 1, 2013, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2013, deletes or extends that date."

On the surface, it appears that you have 60 days from either notice of sale or sale. You should contact a tenant law attorney and have them give you a legal interpretation of this law. I am not an attorney. This information was taken from the bill and attached is a link to the actual Senate Bill 1137 for your information.

I wish you the best in finding a great new place to live. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty

Sat Aug 9 2008, 06:47