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Foreclosure in Petaluma : Real Estate Advice

  • All127
  • Local Info22
  • Home Buying39
  • Home Selling0
  • Market Conditions7

Activity 6
Mon Mar 3, 2014
Shel-lee Davis answered:
Your contract to pay rent on the home you are renting is totally independent of the owner's contract with the bank to pay their mortgage. So yes, you are obligated to pay the rent.

More importantly, the laws that protect you - the tenant - are only applicable if you are NOT in default on your rental obligations. If you have a lease and that lease still has 9 or 10 months left on it, the foreclosing lender and/or investor buyer must honor that lease. However, your lease is null and void if YOU default on it.

Good luck. It is never easy to move. However, not paying your rent will only complicate, and potentially accelerate your need to move.

Shel-lee Davis BRE #01817412
Real Estate Consultant
International Real Estate Specialist - IRES®
Senior Real Estate Specialist - SRES®
Certified Home Seller Advisor - CHSA®
Certified Home Buyer Advisor - CHBA®
Member - National Association of Certified Expert Advisors - NAEA®
Certified Distressed Property Expert - CDPE®
RE/MAX Estate Properties
424-2HELP12 (424-243-5712)
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Tue Nov 19, 2013
Steve Thielsen answered:
If you found the property listed for Casa Grande Road on a foreclosure website, you may be looking at values for an auction listing, that can only be bought at auction. Let me know if I can help with a further explanation. ... more
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Fri Dec 9, 2011
David Thomas answered:
How'd it go? Did it sell 11/3? Somebody will be contacting you, usually a realtor, to entice you to move out of a house now owned by the bank. Called "cash for keys" you would still be entitled to money to help you relocate.

If staying as long as you can is the goal, California favors tenants and will require new owner (bank) to abide. Y any lease you have in place. Depends on your situation. Check with someone you trust for answers.
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Wed Oct 6, 2010
Pete Brocco answered:
Call me, I will answer your questions.
Pete Brocco
Brocco Real Estate
RealtyTrac Broker
CA DRE License #00846056
(707) 571-8213
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Tue May 18, 2010
Kamal Randhawa answered:
Hello Richard,

It's clear to me your friend will not be keeping this home, so a loan mod is out of the question. Your friend may want to consider a short sale and having done numerous short sales and free loan modifications, I do believe there are some options your friend may still have. I just recently worked with a tenant who signed a lease when the owner KNEW he was going to be foreclosed upon and they ended up suing the owner. So there are a lot of small issues which we do not have a full grasp of which can impact your friend dramatically depending on which direction he or she chooses to go in. PLEASE LET HIM KNOW NOT TO FALL FOR LOAN MOD SCAMS! MOST CHARGE YOU UP FRONT AND DONT DO ANYTHING BUT SUBMIT THE INITIAL PA\CKAGE. I CAN ASSIST YOUR FRIEND AT NO COST. Please feel free to call or email if you would like to discuss your options. Good luck.

Kamal Randhawa
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Wed Sep 24, 2008
Bill Eckler answered:

There is nothing wrong with exploring either of these options. This will only serve to expand your options. But on the down side, with "foreclosures" you are at the mercy of dealing with the bank and "their way is the only way attitude."

Wiyh the FSBO segment you will find, if you haven't already done so, that the owners have a very poor understanding of the market relative to their home....resulting in most of the time their feeling the home is worth much more then it really is.

Good luck with your search.

The "Eckler Team"
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