Legal Question in Real Estate Law in California
I am a California renter who's home is being foreclosed upon. The property manager stated they were trying to do a modification however she called yesterday to say that it fell thru and the home will be foreclosed on. The auction date is Oct 30th. The asset manager told the property manager we as renters would have 20 days to get out and told me 30-60 days when I called. The property manager stated they may offer cash for keys... do I have the right to refuse cash for keys and possibly stay longer in the home? If the auction date is postponed can I still stop paying rent?Can they enter the home after the auction is completed? And should I be entitled to my deposit back?
1 Answer from Attorneys
First under California law if the property is sold at foreclosure you have 60 days to move. Secondly under new Federal laws passed this year you can stay until the end of your lease if you have one even if it is longer than 60 days. If you live in a rent controlled area that requires just cause for eviction you can stay as long as you wish if you pay the rent and obey the provisions of your lease. If you don't have a lease I would suggest that if you want to stay there that you get a long term lease at a favorable rate from your landlord before the property is foreclosed on.
The new owner can enter the property subject to the same restrictions as the old owner had.
If you don't pay your rent you can be evicted but maybe with all the commotion they won't notice but that doesn't obviate you from having to pay your rent.
If you want your deposit back you will have to get it from the old owner.
So get a new long term lease from your old landlord before they lose the property and cut a deal to use your deposit as the last months rent
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