Asked by Dltirado, San Jose, CA • Tue May 25, 2010
I recently signed a 2 year lease on a single family house in Calif. I have come to find out that the house is set to go to Trustee Sale in 30 days. I contacted my real estate attorney (top in his class at Santa Clara University and practicing for over 20 years), he tells me that if the property is taken back by the bank as a result of no bidders, etc, REO, the bank must honor my lease to its full term. I asked him, "What if the bank sells the property to a third party that wants to owner occupy the property?" He tells me that since the bank took it back first, the third party buyers would also have to honor the lease in its entirety. Does this sound right?
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