Renter in a Pre-Foreclosure

Submitted by Vanessa from CA - 08/28/2010 - 6:35am

Hi, I'm renting a home in So. California where my lease has been up for a few months and now paying month-to-month. The home is managed by a property management company and that is who we pay our rent to. We recently discovered that the house has gone into pre-foreclosure. I'm assuming the bank has given the owner 90 days to pay up or sell. As far as I can tell, the property management has no clue that the owner has defaulted or that he has placed the house up for sale. We first noticed a lot of drive-by's and people stopping directly in front of the house so one day I went out to talk to someone and he informed me it was up for sale. My question is, should I continue paying rent while this is going on (I'm thinking I could save some money for the next deposit)? What legal rights do I have if I don't pay rent? How long would I have before they would start the eviction process and if I move out before it goes to court and finalized, will I be penalized? How much chaos and damage to my credit will I do to myself if I simply just stop paying the rent?

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