Foreclosure in Valencia>Question Details

Nicole, Home Buyer in Valencia, PA

Foreclosure/Lease...how long before we have to move?

Asked by Nicole, Valencia, PA Fri Mar 21, 2008

We lease a home in Tesoro and the owner said he was going to let it go into foreclosure...our lease was up this month. We hoped to continue to lease month to month. How long will we have before we have to move?

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5
Did he agree to the month to month? If so, you may be looking at 15 to 30 days notice to quit. I would start looking for another place asap. Foreclosures can take some time to occur, most lenders are usually willing to work something out with the borrower to avoid this from happening. I don't know your financial situation, but have you considered asking him if you can buy the home? This of course would depend on various things for example, the price of the home, your budget, getting approved, the current lender,etc. Don't wait too late, because if it does go into foreclosure you will have to move in the blink of an eye. The sooner you start making other arrangements the better off you will be.
1 vote Thank Flag Link Fri Mar 21, 2008
You have at least 90 days after you are served with eviction paperwork by the lender which is after the foreclosure sale has occured and the home reverts to the bank. There are many protections for tenants due to the vast amount of foreclosures that have hit the nation. Having a bonafide, arms length lease agreement in writng signed by all parties is a valuable document for you to hold on to until your tenancy terminates.

Diane Wheatley, Broker
diane@moveupproperties.com
0 votes Thank Flag Link Fri Dec 3, 2010
Hi Nicole. Possibly you are in Valencia CA? In the Tesoro tract? You have options. A foreclosure, depending on how long into the process the owenr is, will generally take more than 6 months. If the home is foreclosed upon, an agent will knock on your door and likely offer you Cash-For-Keys (meaning the agent will offer you generally $2-3k to vacant within 60 days). Since your lease is now month-to-month (it sounds) it is unlikely that the bank will continue to lease the home back to you. Your other option, if you are interested in purchasing the home, you will have the first right to purchase at market value. Just FYI, it is a predicament for the homeowner to collect rents from you when not paying the mortgage on the home. Hope that helps. If you'd like to talk further, please give me a call on my cell 661-618-6909. -Linda for Mary Funk's office
Web Reference: http://www.maryfunk.com
0 votes Thank Flag Link Fri Dec 3, 2010
I Depends on how long it takes the bank to swoop in....until then you may be able to live rent free...but I would do some homework before assuming that...
0 votes Thank Flag Link Tue Mar 25, 2008
Zeta,
Dianes was an excellent response. Foreclosures can take months, or there MAY be some wanting to purchase that can move quickly- though that is certainly not the norm.
Do you want to buy ? If you're interested, go talk to YOUR bank, or a LOCAL mortgage company to see what mortgage you qualify for. They'll want to know several things: How's your credit, how much money do you have, how much money do you make, how much money do you owe? = Can you buy?
If not, start looking right away. At least this is a good time of year, weather-wise to be making a move.
Hope that helps. Good luck
Web Reference: http://www.halere.com
0 votes Thank Flag Link Fri Mar 21, 2008
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