the bank now owns the rental property i live in and the bank rep wants cash 4 keys and unit vacted by 06-26-09.
Question Details: bank rep states plan A is sale w/ tennt occupancy,as i have an investor w/cash.PlanB is tenant(ME)vacating while sale takes place. a suitable unit for my home has not yet been found.my work time lost on a contract basis@75-90$per hr presents an im possible move in such short notice&huge financial loss.what real estate laws protect my rights here in CA?fannymay&fannymac- do they help?a new law known as "BOSCA" was suggested-how can I find more info on that?I have not been served legally to date.my investor's bid was turned down @the 4closure sale5-23-09-should'nt i have rites 2 more time?
Real Estate Law Answers
any bank or other entity that takes over a property typically takes the property with the tenants and subject to what the interest in the tenant is in the property (long term lease, month to month tenancy, etc.). the bank can't just throw you out but if you've been on a month to month tenancy, which is very common, the bank can provide a 30 day notice to vacate just like you could provide the bank with a 30 day notice that you are vacating and the tenancy is then over.
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