I checked with the Realtor’s legal hotline the other day. Tenants have 90 days to stay in the house after the house has ACTUALLY BEEN SOLD ON THE COURTHOUSE STEPS. That can easily take a year or more. AND IF THE PURCHASERS THEMSELVES ARE NOT MOVING INTO THE HOME, (purchasing it as a second home or investment) YOUR LEASE MUST BE HONORED if it goes beyond the 90 days.
If you are a well qualified renter with a clean history, I can work with you to find a real bargain home to rent. No trailer trash or scam artists please.
If you have just been served with a LIS PENDENS, contact me about finding a good tenant and keeping the rent money.
Check out this info gathered in response to Wells Fargo’s aggressive tactics to get renters of houses in foreclosure to move out. Then drop me a line in the comments section below. Maybe we can work together.
“Wells Fargo Bank is committed to following all rules that protect tenants who are living in foreclosures, spokesman Jason Menke said. At the same time, Wells Fargo is in the business of lending money for home purchases, not in managing rentals, he said.
“Generally, it’s our object to get a new owner into the house as quickly as possible,” Menke said. “It’s in our best interest and that of the community to return properties to the market.”
California Attorney General Jerry Brown launched an investigation into the issue last month, partly in response to the Tenants Together report. Brown sent a letter in June to California banks, lenders, investors and law firms asking them to explain their procedures for dealing with tenants in foreclosed properties in an effort to find out whether laws are being broken.
Tenants are protected by a 2009 federal law that allows them to stay in their units for 90 days after a foreclosure notice is posted, but they have other rights as well:
• Renters can insist on staying in their units until the end of their leases, except when the new owner of a single-family home wants to move in.
• They can require banks and their agents to put all communication in writing.
• They are not required to take cash incentives to move out before the law requires.”
• Harassment, such as changing locks without a court order, entering the home without permission or shutting off utilities, is illegal.
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