Legal Question in Real Estate Law in California
Trustee Sale on Rental property
We are renting a house in Norco California and it has just been sold back to the Foreclosing Beneficiary on 9/2/08. How long do we have before we will have to move, will they give us 30 days - 60 days notice?
3 Answers from Attorneys
Re: Trustee Sale on Rental property
Unless Norco has an ordinance that provides for a longer time, you'd have 30 days if you've been there less than a year, and 60 days if you've been there over a year. After that, your possession becomes unlawful and you'd be facing an unlawful detailer suit which would run its course in a few more weeks, at which time the sheriff would remove you from possession. I always suggest that folks in this situation speak to the new owner about becoming their tenant; a foreclosing beneficiary that buys the property may be willing to allow you to remain. Worth a try.
Re: Trustee Sale on Rental property
Your in luck (considering the bad spot your landlord left you in) - the State Legislature passed emergency legislation in July which provides that a tenant in a home which is foreclosed by a lender must be given a 60 day notice to terminate tenancy before you can be evicted. Prior to July, the lender could have thrown you out by filing an eviction action immediately after the sale. Sorry to hear of your situation, but hopefully you will be able to find a new home to rent well before the 60 day is up.
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Re: Trustee Sale on Rental property
There's certainly a possibility that you can negotiate a continuing tenancy, as having a paying renter is a better option than an empty property with no cash flow. Contact the owner and see what you can do...