Landlord went bankruptcy on 5/12,6 postponed.How much longer can he postpone the auction of the house? Auction was going to be 1/7 now its 1/17

Asked by gaytan5271, Los Angeles, CA Mon Jan 14, 2013

Auction was going to be 1/7 now its 1/17

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Douglas Lagos, Agent, Los Angeles, CA
Mon Jan 14, 2013
BEST ANSWER
Gaytan,

Auctions can be postponed for very long times. If you are paying on time, you have tenant rights. The mortgage owner can not evict you, until you stop paying your rent, or your lease is up for renewal.
The mortgage owner may offer you money to buy you out of your lease.
In case the home goes up for sale, the new owner must abide by the lease, and can not evict you unless he will occupy the property (owner occupied).
In cases of owner occupied, you have 60 days in which to vacate.

Any questions, or additional help needed, Call, text, or email me.

Douglas Lagos
Realtor®, CHS
DRE# 01921046
Coldwell Banker Residential
Tel. (310) 463-8088
http://www.douglaslagos.com
0 votes
Thank you very much.
Is there a way that I could find out what’s going on with the house.
Flag Tue Jan 15, 2013
Guy Gleason, Agent, Los Angeles, CA
Sun Jan 20, 2013
Hi gaytan
Did this situation resolve?

i answered you a couple of weeks ago and gave you a few options.
0 votes
no..its still going on,the auction got postponed again for 2/19/13..i hate waiting to see whats going to happen.But i've seen my landlord buying big thing so i dont know...
Flag Tue Jan 22, 2013
Douglas Perez…, Home Buyer, Los Angeles, CA
Mon Jan 14, 2013
Just continue making your rent payments according to rental agreement and save your receipts.

Good luck.
0 votes
Thank You
Flag Tue Jan 15, 2013
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Mon Jan 14, 2013
Lender can postpone auction sale as much as lender fill fits for the particular situation/circumstances .

Some properties I've seen had auction date postponed multiple time for substantial amout of time.
0 votes
Thank You
Flag Tue Jan 15, 2013
Guy Gleason, Agent, Los Angeles, CA
Mon Jan 14, 2013
At this point, since it is the 14th, unless there is some workout being done with the lender, like modification or short-sale there is nothing the lender will do unless he files another BK..
I use a guy who I work with and TRUST who does BK's filings for $650........and your landloar can file 3 of these in a succession in one calander year ----he's filed 1 so he has two more he can do ...........each filing will postpone 2-3 months at a time ....and i can help with getting his situation under control with the lender..i do this all the time as i a pro............
the thing is if the BK is scheduled for Thurs, he would have to file by Wed latest.
Call me if you need assistance and you need to have me talk to him..

Otherwise you will be left with having to clear out of that place ( eviction ) in 30 days after the sale

Guy
818 912 1102
0 votes
Thank You
Flag Tue Jan 15, 2013
Pebble Singha, Agent, Woodland Hills, CA
Mon Jan 14, 2013
Dear Tenant,
IN los Angeles county you as the tenant have rights. If the owner has filed for Bankruptcy, then the bank cannot foreclose on him until it is discharged or dismissed. Usually 3-6 months or longer.

The new law that passed January 1st of 2013 also stops Dual Tracking by the bank. If this homeowner is smart then he will apply for a LOan Mod and delay it by then.
Worst case scenario is 3-6 months but u have to make sure he has filed for B.K.

Also in Los Angeles county you as tenants have rights. If the home is foreclosed upon and you have a valid lease agreement, the banks cannot forceably evict you. They can offer you cash for keys or other incentives, they can also sell the home without showing it to anyone and they can evict you.

If you have any questions, Email me. Good Luck.
Pebble Singha
Head of Short Sale Department KW Encino
soldbypebble@yahoo.com
0 votes
Thank you very much.
Is there a way that I could find out what’s going on with the house.
Flag Tue Jan 15, 2013
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