Short Sale, Foreclosure and Strategic Default


Saturday, July 12, 2008

Forecloseure - evictions tenants

Tenants in general must be served with a 60 day notice to terminate and borrowers a 3 day notice after a foreclosure.

The California association of Realtors also state that

"This law does not affect, among other things, rent-controlled properties with just-cause evictions. Effective on or about September 8, 2008, the lender, trustee, or authorized agent posting a notice of sale must also post and mail a specified notice of a tenant's right to a 60-day eviction notice from the new owner, unless other laws apply. This requirement to notify tenants of their rights applies to loans secured by residential real property where the borrower has a different billing address than the property address."

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