Legal Question in Real Estate Law in California

Re: house foreclosed

Attorney Cohen is correct. The bank's inability to resell your home is irrelevant. If the bank owns it, and you are the homeowner, they need only give you three (3) days notice to quit, at the end of which they will file an unlawful detainer and evict you.

Banks have been offering tenants in particularly a "cash for keys" deal in which if the tenant agrees to leave a foreclosed property early, they will pay them money. The difference with a tenant is that they must be given sixty (60) days notice before they can be evicted. That being said, you might give it a try anyway. Or, alternatively, ride it out for as long as you can knowing that they could give you a very short notice at any time to move, and then sue you.

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Re: house foreclosed

Until the bank gives you a three-day notice and then files eviction proceedings. If you're willing to move, you might contact the bank sooner (rather than later) about giving you an incentive to do so.

Re: house foreclosed

I agree with the answers already provided, but see one other possibility that needs mentioning. When a homeowner defaults on the loan and the bank begins a foreclosure process, the homeowner/borrower (and not the bank) continues to own the home until there is a sale. If a foreclosure auction were held, and NO bids were received by the trustee, including no bid from the bank, you would still be the owner and the bank would not yet have any right to begin an eviction. The bank must bid at a foreclosure sale in order to take ownership away from the defaulting owner/borrower. Until then, the owner stays in possession. The facts in your question leave some possible doubt about whether the bank placed a bid or not.