Renting property that's gone into foreclosure. Will I get further notification?
Submitted by shari
from CA
- 09/01/2009 - 1:41pm
I am renting a property(condo) in which the owner has gone into foreclosure. We received notice of sale posted to our door on or around July30 and date of auction WAS August 21. I do not know if the property sold or not.....and i understand that if no winning bidders, then property becomes REO. I wanted to know if the NOS posted on my door is my notice to vacate or will I be recieving a formal notice from the bank or new owner. It's been 10 days since the auction and very quiet here and I'm nervous.
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The notice of sale posted to your door is required by CA law prior to a trustee sale. It is not a notice directing you to vacate. You will eventually hear from the new owner, in most cases the lender who now owns the property as an REO. I you are on a month-to-month rental, you have at least 90 days from the time you receive a written notice to vacate from the owner. If you're on a lease, you have until the end of the lease to vacate. See TITLE VII--PROTECTING TENANTS AT FORECLOSURE ACT, Section 702 for details on your rights.
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