Michael, Other/Just Looking in Anaheim, CA

if a landlords house is foreclosed and sold at auction,then how long do tenants have in the house before they

Asked by Michael, Anaheim, CA Tue Feb 3, 2009

have to move?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Karen Parsons…, Agent, Laguna Beach, CA
Tue Feb 3, 2009
Michael,

If you are concerned that you landlord might be in trouble...email me and I can research the address for you and see if there is a Notice of Default and/or an auction date.

Karen
1 vote
Thom Colby, Agent, Irvine, CA
Tue Feb 3, 2009
This is from the California Association of Realtors website per the Laws of the State of California - I hope this helps.
******************************************
Foreclosure SB 1137
Notices to Tenants & Owner-Occupants; REO Lender/Trustee's Sale Purchaser Obligations
(eff. 7/8/08 and 9/9/08) The foreclosing lender must now give the tenant a 60-day notice instead of the previous 30-day notice. [Note,however, for Section 8 tenants the notice period is not changed and remains 90 days.] Furthermore, the 60-day notice period does not apply to the owner--or any party to the note--who is occupying the foreclosed property. The owner or party to the note need be given only a 3-day notice to quit.

Tenant/owner-occupant must also get a statutory notice of the foreclosure (in 6 different languages) once a notice of sale has been posted on a property. This foreclosure notice must be posted along with the notice of sale and also mailed to the tenant/owner-occupant. This provision takes effect 60 days after the measure becomes law. (eff. 9/9/08) For a copy of the notice, click here.

A lender cannot file an NOD until 30 days after contact is made with the borrower to "assess the borrower's financial situation and explore options for the borrower to avoid foreclosure" or 30 days after satisfying due diligence requirements to contact the borrower. The lender must advise the borrower of the right to request a subseqent meeting within 14 days, and to provide the borrower the toll-free phone number of a HUD-certified housing counseling agency.

A foreclosing lender or purchaser at a trustee's sale (or foreclosure sale) must "maintain" the condition (defined in the statute) of the property or be subject to a fine of up to $1,000 per day per violation.

Added Code of Civil Procedure section 1161b, Civil Code sections 2923.5, 2923.6, 2923.8, and 2929.3.


Best fo luck,

Thom Colby
Broker & Realtor
Orange County, CA
http://www.1800sellnow.com
1-800-SELL-NOW
Web Reference:  http://www.thomcolby.com
1 vote
Viviana Katz, Agent, Altamonte Springs, FL
Tue Feb 3, 2009
If you were not notified by the bank to vacate by auction, then the notification is in the hands of the new owner after closing, but they should still have to notify you in writing to vacate or to sign a lease with them. It's best for both sides to sign a new lease, even if for the remainder of the term.

Perhaps you can negotiate yourself a rent reduction, if the house is in good repair due to your diligence, since they probably paid substantially less than your previous landlord. Consider yourself lucky that you still have a roof over your head, many lenders just bounced people out without negotiations or discussion.
1 vote
Thom Colby, Agent, Irvine, CA
Tue Feb 3, 2009
Michael -

CALIFORNIA has enacted laws to protect tenants living in situations where a (non-relative) who owns the property has been foreclosed. If you are in this situation, you have CALIFORNIA law working for you. Notices of Default are Public Record so you can watch the county website to see if where you are living is in jeopardy of foreclosure.

Cash for Keys is often offered by the agent of the lender who forecloses BUT, it's not much money and won't get you another place to live in a hurry.

Best of luck and if you need to find another place to live, use a REALTOR.

Cheers,

Thom Colby
Broker & Realtor
Orange County, CA
Web Reference:  http://www.thomcolby.com
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Feb 3, 2009
It all depends on lender can be 24 hours after auction or months. Lender will contact residence of property in some instances provide "cash for keys" without going thru eviction process.
Web Reference:  http://www.lynn911.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more