Foreclosure in 91770>Question Details

Em, Home Buyer in Rosemead, CA

paid six months in advance in rent ( I know but we were desperate). Signed a lease in June 2008. Lease for

Asked by Em, Rosemead, CA Thu Jul 31, 2008

six months for December 2008. House was given foreclosure notice in July 2008. Owner says not to worry. What are my options?

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Jeffrey Halpern’s answer
Start looking for an apartment. However, the bank will not take over that quickly, they must adhere to your lease, and/or if they ask you to vacate, they will offer you cash for keys to get out early. Until that happens legally you are protected.
The other thought is for you to make an offer to the bank to purchase it. They may give you a break and a good mortgage. But if there is interest in the home, make that inquiry.
1 vote Thank Flag Link Thu Jul 31, 2008
Hi Em,

In California is illegal to ask for 6 months rent in advance. If only notice of default is file(not notice of trust deed) it takes about 111 day for the bank to foreclose. So just stay and be aware of your situation. I also recommend talking to real estate attorney and file a complaint in a small claim court. Your are entitle to enjoy your residence without worry and that has be violated. Laws are in support of tenant. Find out if Notice of Default is filed or Notice of Trust deed.

Broker Associate
Prudential California Realty
1 vote Thank Flag Link Thu Jul 31, 2008
So it sounds like the owner knew they were going to be served with a Notice of Default (NOD) and leased to you anyway.

In most cases if the property were to be foreclosed the lender would want you to remain in the property and the lease would be transferred to the lender, who would then collect the rent payments.
1 vote Thank Flag Link Thu Jul 31, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
Sounds like a scam. I would ask for the money back and plan to move out., if don't get the money returned take to small claims

good luck
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1 vote Thank Flag Link Thu Jul 31, 2008
Hi Em,

It would be a good idea to start looking for another house now. However, you will not be automatically get kicked out of the house. The bank would provide you some time to move. Also, the bank may give you "cash for keys" but would also give you a timeline to move out by. I run into many renters in very similar situations as yours. I do alot of rentals as well so if you need further assistance, just give me call. Sorry to hear about your dilemna but hopefully things will work out for you. If you need any further help, let me know since my office is located in Rosemead CA.

0 votes Thank Flag Link Sun Jan 4, 2009
Please discuss the issue with a local real estate attorney for legal advice. I hope everything works in your favor. Good Luck!
0 votes Thank Flag Link Thu Jul 31, 2008
If your rent has been paid thru 12/08, foreclosure notice 7/08 how did you receive this notice? From the bank, letter sent to the seller. Foreclosures proceeds can take months you then receive a formal eviction notice. In some instances (happen to our rental clients) the bank has provided the tenant fair notice with move out expenses.

You more than likely wont receive your money returned from the property owner. The situation is "happening across the country with tenants and foreclosures" you are not alone. I would be preparing to move however I believe you have months not to worry.

I would also contact an attorney determine what the procedures are where you can plan for estimated move .

SUGGESTION: You might want to try an apartment complex there move in specials reduced deposits, non foreclosures could be an option for you to investigate.
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0 votes Thank Flag Link Thu Jul 31, 2008
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