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I just received an email from my landlord February 2nd that the condo we are living in as tenants is being foreclosed upon. It is being sold on 2/20 of this month and she stated we need to leave by February 18th. My finance and I do not have friends or family in the area and cannot move that quickly.
Does anyone know what are rights are, who could help us and what we should do next (i.e. do we need inform that lender who is selling the condo that we are occupying the condo as tenants and intend to stay. What happens to our security deposit) Thanks!
I just received an email from my landlord February 2nd that the condo we are living in as tenants is being foreclosed upon. It is being sold on 2/20 of this month and she stated we need to leave by February 18th. My finance and I do not have friends or family in the area and cannot move that quickly.
Does anyone know what are rights are, who could help us and what we should do next (i.e. do we need inform that lender who is selling the condo that we are occupying the condo as tenants and intend to stay. What happens to our security deposit) Thanks!
Make an extra set of keys....move out then move back in. You probably have 1 year+ of free rent coming your way. : ) Save up and put a down on a small condo somewhere. woo hoo!
Really depends on what jurisdiction your unit falls under, but sounds like a really shady situation given the limited info thus far...
LA Rent Control Made Simple
According to this, "Rented condos are now exempted from rent limits [by the State law, known as the Costa-Hawkins Act], but not from eviction protections or otherwise."
There's some informed posters here that I'm sure will chime in (Calguy, etc). First advice, get in touch with the LAHD and/or HACLA, verify if you have tenant protections, and go from there.
I don't have the time to figure out the latticework of federal, state, and city laws governing the rights of tenants post-foreclosure, but -- if this website is correct -- it looks like you should have some leverage with the buyer at the foreclosure sale. Of course, if the buyer wants the property as an investment, they probably won't mind a paying tenant.
I believe that since the foreclosing institution basically takes over the whole property along with your lease that they'll ultimately be responsible for returning your security deposit. Stay calm!
Make an extra set of keys....move out then move back in. You probably have 1 year+ of free rent coming your way. : ) Save up and put a down on a small condo somewhere. woo hoo!
Make an extra set of keys....move out then move back in. You probably have 1 year+ of free rent coming your way. : ) Save up and put a down on a small condo somewhere. woo hoo!
YaaaaaaaaaaaaaaaaY! Lets get arrested, charged and booked for breaking and entering, trespassing, disorderly conduct, ect.
Also, who buys a place and doesn't change the locks as the #1 thing before anything else?
Thanks everyone for the helpful advice. Are there any free legal resources out there in LA to help with the specifics.
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