Foreclosure in Sacramento>Question Details

rgonzalez5150, Other/Just Looking in Sacramento, CA

tenant foreclosure!not fair excellent tenant.cant afford to pay higher rent.why do i have to pay the price?

Asked by rgonzalez5150, Sacramento, CA Wed Sep 7, 2011

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Rgonzalez--you are upset and reasonably so. Elizabeth hit the nail on the head. With a month to month lease, the bank has no obligation to leave you in the home, and owning is waaaaay better and most of the time cheaper than owning. The bank should give you 30 days to move with the cash for keys offer, you just need to respond in the number of days given. Take the offer. If you get evicted you're not renting nor buying anywhere and will cause yourself alot more heartache and grief than you already, unfortunately, have. GOOD LUCK!
0 votes Thank Flag Link Thu Sep 8, 2011
I'm growing weary of all your redundant questions on the same subject. What exactly is it you are looking for from Trulia?
0 votes Thank Flag Link Thu Sep 8, 2011
So instead of complaining, why not see if you could do something to buy this property?
0 votes Thank Flag Link Thu Sep 8, 2011
You might want to consider buying a home that was foreclosed upon or a short sale. In this market right now, there are plenty of bargains to be snatched up. Plus, with interest rates around 4 to 4.5%, your mortgage payment is most likely less than rent. Yes, less than rent. So, why would you rent? There are first-time home buyer programs that practically pay your down payment and closing costs for you. Why not gain control of your circumstances and become a homeowner instead of being a tenant at the whim of others? Maybe you're ready to be a home buyer?

Elizabeth Weintraub
Broker-Associate #00697006
Lyon Real Estate
0 votes Thank Flag Link Thu Sep 8, 2011
Sorry to hear about the home you are living in getting foreclosed on, it happens quite often in the past few years. But you have to pay the price because you don't own the home and the owner didn't make their payments - it sucks but that is a risk you take as a renter.

There was a law that was passed in 2009 which states requires that the immediate new owner of a foreclosed home:

• provide tenants with 90 days notice prior to eviction and
• allow bona fide tenants with leases to occupy the property until the end of the lease term except the lease can be terminated on 90 days notice if the unit is sold to a purchaser who will occupy the property.

The only exception is if the new owner of the home will occupy the home (like someone who buys it with the intention to live in it), then a shorter eviction time period can be given to the existing tenant (you).

The link in the web reference is a free "Renters in Foreclosure Toolkit" with a lot of good reading which I feel you should go over in order to educate yourself for this time in your life.

I hope you are able to stay as long as you legally can and are able to find a new place to live just as nice as where you live now.
0 votes Thank Flag Link Thu Sep 8, 2011
no, month-to-month.i love my home.we have made this was ugly
0 votes Thank Flag Link Wed Sep 7, 2011
Do you have a lease agreement?
0 votes Thank Flag Link Wed Sep 7, 2011
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