It is estimated that over 40% of foreclosures are on rental properties. This leaves renters not knowing what to do or when they have to leave. Under California law, for tenancies over one year a landlord must give the renter 60 days written notice of eviction. However, the new federal law preempts the state law and gives renters more time to find alternative housing. The "Helping Families Save Their Homes Act" contains provision that purchasers take the property subject to existing leases.
Tenants With A Lease
Tenants with a lease: Bill and Jean have rented the house for the past few years under a year to year lease. Their present lease expires in May. The house was foreclosed by the bank who became owner in January. If the bank gives them no notice of eviction, then in May after their lease expires, Bill and Jean will have 90 days before they will be evicted. This will help them greatly as they have children and the kids will be able to finish their school and then the family will have the summer to look for a new place to live.
Section 8 Tenants
Section 8 tenants: Mary and John are Section 8 housing renters and the home they rent is foreclosed upon. As Section 8 renters, they are allowed to stay in the house for 90 days or for the entire unexpired term of their Section 8 contract, which ever is greater if the bank if the owner of the property. However, if the new owners of the property intend the post-foreclosed home as their principal residence, then the term both Section 8 renters and non-section 8 tenants can be required to leave on 90 days notice.
Owners Living in Foreclosed Home
Owners living in foreclosed house
90 day notice does not apply to the owners of the house that was foreclosed. Karen and David bought their house in 2005. Karen was injured and David's hours were cut so much that they could not make their house payments and were foreclosed upon and the bank became the new owner of the house. Because they were the owners of the house, they are not given the same 90 days notices protections as the bona fide tenants are. The bank could give them a 3-day notice to quit and if they fail to leave after 3 days bring an action against them for unlawful detainer and they could be forceably removed by the sheriff after the bank receives a judgment.
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