Legal Question in Real Estate Law in California
My rent is paid through Jan. 2012. My landlord is being foreclosed on.
It is my understanding, the bank must honor my existing lease agreement.
Also, if a new owner purchases the property at the trustee sale, doesn't he inherit the encomberance of my paid lease too.?
Asked on 5/06/11, 11:25 pm
2 Answers from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
As long as there is a Federal nexus, such as the bank is federally chartered, or the loan was sold to Fannie Mae or Freddie Mac, your rights under your lease must be honored by the new buyer. See the "Protecting Tenants at Foreclosure Act". There may be an exception for buyers at foreclosure that intend to occupy the property personally.
Answered on 5/07/11, 10:03 am
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