What's a cancelled default?

Asked by Erikaellis30, Sacramento, CA Mon Mar 25, 2013

My landlord doesn't want to keep me updated on what's going on with his property that I've been living in for over 5yrs. I'm ready to move if any more people keep knocking on my door or if they keep hanging notices on my door. I need to know what "cancelled default" is? I dnt need no last minute knew.

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Erikaellis30, Home Buyer, Sacramento, CA
Tue Mar 26, 2013
There was an auction date set for 1/22/13 but it was postponed till 3/22/13 now I see he's done something to now its saying the "cancelled default" but we have spoke about the foreclosure and he kind of laughed and said" I know all the tricks there are to know about stretching this all the way out so don't worry". I don't trust that if he was just trying to keep his home there wouldn't be no tricks involved. I have a very large family can't afford to get caught in the middle of his tricks...
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Erikaellis30, Home Buyer, Sacramento, CA
Tue Mar 26, 2013
9520 stone springs drive Elkgrove CA 95624
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Keisha Mathe…, Agent, Elk Grove, CA
Mon Mar 25, 2013
Good thinking Kylee. Some assurance is better than none at all.
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Kylee Roe, Agent, Sacramento, CA
Mon Mar 25, 2013
What is the address of the property? We can at least look it up on the MLS and tell you if the landlord has it on the market, unknown to you.
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Keisha Mathe…, Agent, Elk Grove, CA
Mon Mar 25, 2013
Hi Erika

I am assuming, based upon the context of the conversation, that your landlord was at some point in default (missed mortgage payments). As a result, the proeprty may have gone into foreclosure, after which it can then be sold. However, when the declaration of default on property that is subject to sale is cancelled, the notice based on such declaration of default must also be canceled, ie "cancelled default."

That is no guarantee that the property you are in is safe. As Ron stated, the borrower/landlord is not obligated to keep you informed of these matters. Although it would be the right thing to do in my opinion.

Your best bet is to try to keep a "safe" open dialogue with the landlord and let them know that in exchange for upfront information, you plan to continue paying, on time (which you are contractually bound to do). The risk of a tenant not paying is why some landlords don't tell the tenant what is occuring. In addtion, let them know that you would simply like to be prepared in the event the home doe foreclose or is listed in a short sale, so that you are able to move in a timely manner if needed.

In the link below is a guide to tenant and landlord rights for the state of California. It covers some of the issues concerning defaulted property and foreclosures.

Hope that helps.

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
"SAR Masters Club Member 2012"
Mathews & Co. Realty Group
@ Century 21 Landmark Network
(916) 370-1803 cell
lic#: 01439130
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Ron Thomas, Agent, Fresno, CA
Mon Mar 25, 2013
Best guess is that the Landlord's Lender started to Foreclose, and then stopped for some reason:
Maybe he made arrangements to pay the arrears.
Maybe he has entered an agreement to Shortsale the house.
Who's knows.
Unfortunately, he probably is not obligated to keep you informed.
If you have a lease, the Bank and the new owners will have to honor it.
If you are month-to-month, you will have to move soon, if a Foreclosure happens.
If the Foreclosure has stalled; you are no worse off than any other renter.
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