What steps should tenants be taking immediately if there is a risk of foreclosure?
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What steps should tenants be taking immediately if there is a risk of foreclosure?
My friends and I are renting a house and the owner has requested that we only give him cash for rent. Recently, we have been receiving notices about foreclosure, eviction, lawsuits. The letters have been stating that the owner has until the end of this month to pay. We believe the owner has not been honest with us and we are worried about being evicted with no notice. I want to inquire about what steps we (as tenants) should be taking to protect ourselves?
Asked on April 26, 2012 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The first thing that you need to do is that when you pay cash to the landlord for your rent that you get a receipt from the landlord to ensure that there will be no claims down the road that rent was not paid. Make sure that the receipt is dated and signed by the landlord.
As to a possible foreclosure regarding the rental that you occupy, you need to be aware that under 2010 federal law that so long as you are current on your rental payments that even if there is a foreclosure, you are entitled to finish out the term of your lease with any new landlord. If the lease is a month-to-month lease, the new owner of the property is required to give you at least 90 days written notice to vacate once title is transferred post a foreclosure sale.
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