how long can you stay in your property?

Submitted by mntluchini from CA - 05/26/2009 - 2:13pm

Once foreclosure proceedings have begun..how long can you stay in your home? Some people say it varies by state. This is in California.

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Submitted by Sean - 06/11/2009 - 9:09pm

You can stay in the home through the auction. After that you will likely be contacted by the new owner (often the bank) and given a 3 notice to get out. If you don't get out they will file a lawsuit against you (an unlawful detainer suit, commonly referred to as an eviction). If you still fail to get out a sheriff will be sent to remove you, and the new owner will get a judgement against you for fair market rent for the period of time from the auction until you are out.
 
That said, most buyers will offer you "cash-4-keys" in which they give you some money to move reasonably quickly and leave the place reasonably clean. This is always the best way to go. Ask to stay for a month, and enough cash for first and last month rent wherever you are headed. Be happy if you get 2 weeks and half that much.

Submitted by tome - 07/08/2009 - 1:51pm

Considering moving out, then leasing the property for up to a year (or renting month-to-month). The purpose is to get some cash by collecting first month's rent and security deposit. New federal law requires tenants in a foreclosed property be given 90 days notice by new owner. It requires new owner to honor existing lease (up to 12 months) unless new owner is going to occupy as personal residence, then 90 days.

This law has lenders' asset managers going crazy!

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