Fannie Mae issued a press release that mortgages backed by them would not immediately kick out the tenants upon foreclosure, but the lenders aren't liking the idea of being landlords. Fanniemae.com has a look up tool to determine if yours is a Fannie Mae loan. Yours does not appear to be, but I posted the info in case another reader is in the same position as you, and many are. It is sad that you are obligated the pay the rent but the landlord is not obligated to use that money to pay the mortgage. Dennis correctly describes the cash for keys program. Have you contacted the owner? What is their response? Are they holding your security deposit? If so, I suspect you''ll have trouble getting it back. Good luck to you.
This house is scheduled to go to foreclosure auction on 06/11/2009.
The auction may be stopped but it is unlikely as it is not listed for sale.
It would appear that the owner is not trying to save it.
The Real Estate agent that the bank assigns it to will be contacting you a day or two after the auction to see what your plans are. Most banks will give you 30 to 60 days to move out. Some will offer you "cash for keys" which gives you money to move out sooner. Each bank is different. It is rare but not unheard of for a bank to continue to rent the house to the tenant.
Are you ready to buy a home?
Prices are down and so are interest rates.
You can view all available San Diego area homes for sale at
You can search by address, by MLS number or by general criteria.
Dennis Smith, ABR, SRES, e-PRO, Realtor®
Taylor Place Real Estate
Buy or Sell a Home with Me, Use my Moving Truck - F R E E for life.
760-436-0087, or cell at 760-212-8225
My Market Trends Report with graphs and charts for North Coastal San Diego
will give you the Sales Statistics for the month and compare it with last year, by city!