Legal Question in Real Estate Law in California
hr 3915 act
earlier i asked if this bill had been enacted 'the mortgage reform and anti-predatory lending act of 2007' and was in force in california. i wanted to know because it states that the new owner of a foreclosed property must honor a lease if that lease was in effect before the foreclosure started, and that month to month tenants be given 90 days notice to vacate if their tenancy started before the foreclosure, is this correct?
2 Answers from Attorneys
Re: hr 3915 act
No. For an accurate enumeration of the (very few) rights afforded tenants in foreclosed properties, see caltenantlaw.com . These are: 1) The right to your security deposit from the bank, unless you are tricked out of it; and 2) The right to negotiate a small amount of "key money" in lieu of being evicted and having our credit ruined.
Re: hr 3915 act
No. But, a tenant still has rights following foreclosure. Requiring the tenant to move still requires an eviction after proper notice.
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