Anyway, you may have a claim if the lender was negligent (not as an owner with right to tile, but a victim of a lenders predatory loan (excessive loan causing the borrower / landlord to crash) really.... Will you get the property at a discount...not likely? But the CASH FOR KEYS COULD GET INTERESTING.
Here is what I know from experience:
1. Banks do not rent properties once they have been foreclosed.
2. Some banks do offer "cash for keys" which could help you move once they do complete the foreclosure.
3. Foreclosure takes a minimum of 111 days in California from the time the notice of default is filed until the auction date.
4. You are protected under tenant laws in California (even though banks and the agents they hire to sell their REO's don't tell you this). They would have to give you notice to move. I believe current tenant law says 30 days if you have been there less than one year and 60 days if over one year.
5. There was a new proposed law, which I believe has been signed into law by the Governor, which requires lenders to give all tenants 60 days notice to vacate after a foreclosure.
I suggest that you check with an attorney to see what your rights are (I am not an attorney and none of the above should be viewed as legal advice). Hopefully, this information will give you some peace of mind and help you with planning your move. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
Banks are not in the business to either own homes nor are they in the business of rental or property management.
They will let you stay until they sell the house. You might be able to negotiate to stay a bit longer or they will give you incentive to move out so the new owners can move in. Of course, if the new owners are getting this as investment property, they might welcome you to stay.
However, with pre-foreclosures, it might take a while for the actual sale to occur and foreclosure postponed a few times when that happens (especially if there is a short sale contract in place). So, you will have a date of when you have to move out which might be extended, but if I was you, I will plan to move.