Can i get relocation assistance if I am a tenant in a foeclosed Bank owned propety located in long beach, ca. The borrower is deceaded But The fami

Asked by Betht03, New York, NY Tue Oct 2, 2012

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Maria Cipollone’s answer
Maria Cipoll…, Agent, Coral Springs, FL
Tue Oct 2, 2012
According to the Protesting Tenants at Foreclosure Act of 2009, Banks who obtain a property through the foreclosure process do not have the right to evict a tenant if a lease still in effect. Meaning if you lease will expire in 7 months, you could stay until that period. I am sure that a bank's representative will sit down and clarify any questions that you may have.

Best of Luck,

Maria Cipollone
2 votes
Kawain Payne, Agent, Seal Beach, CA
Tue Oct 2, 2012
Hello Betho3,

The lender may offer you cash for keys. This means they will pay you to vacate the property. The amount paid will vary from bank to bank.

Best of Luck to You.

Kawain Payne, Realtor®
0 votes
Michael Magaw, Agent, Torrance, CA
Tue Oct 2, 2012
Are you on a lease or month-to-month? If your lease is still in force and was fair market and "arms-length" (not a relative or business partner), then you may have rights to stay for a while. If you want to stay, check out your rights under the law. If you want to leave and relocating will be a financial hardship, then you can ask for "cash for keys". The amounts varies. The bank's real estate agent will discuss this with you.
0 votes
Todd Foust, Agent, Anaheim, CA
Tue Oct 2, 2012
Yes, they will probably offer it to you. If they don't, you can inquire. You will need to be cooperative with the move out requests from the bank. There is a California Association of Realtors standard form for Cash For Keys. If you have trouble getting any deal in writing, a REALTOR can provide you the form so you can try to solidify the terms with them. Good luck
0 votes
Brad Cummings, Agent, Long Beach, CA
Tue Oct 2, 2012
Most likely yes, when the time comes that the bank who owns the property takes the house back, they will approach you with a "Cash For Keys" offer. Did your current landlord give you constructive notice about the foreclosure and any notice to vacate? Sometimes the current owners of the property will let their tenants not pay the rent during the process, but usually the landlords keep collecting the rent and not paying the mortgage due on that property.
0 votes
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