[olecapt]

Originally Posted by jbov

Ok, so what is going to happen in early April when the bank takes over?

How will I be officially informed that the bank has taken over the property?

How long will I be given to vacate the premises or work something out with them?

Get your ducks in a line and then wait. They will get in touch with you. Probably knock on your door. They may well tell you that you have to be out in five days...ask for it in writing.

Tell them you would not mind staying. If they are not interested ask for help in moving.

And trust karma...in this case it probably favors you.

[WestieJeff]

I assume you received a notice of default or breach, if that is the case, you still have quite awhile before they will sell the property. The final notice you'll receive will be the notice of trustee sale, which should be approx 21 days prior to auction, if it isn't postponed.

Due to Obama's home's bill that was passed, if you have a valid lease paying market rent and the home is foreclosed on then you can stay until the end of your lease assuming you continue making rent payments to the new owner (whether that is the bank or a private investor). The only exception to this is if the new owner wants to occupy the home as their primary residence, if that is the case then they have to give you 90 days, but you must continue to make your rent payment to them. As soon as you miss rent, then you're in 5 day pay or quit territory and you can be evicted.

After the notice of trustee sale and then the auction, someone will most likely post at your door or just come talk to you. They may offer cash for keys, but you can choose to stay (they may not tell you this). A good cash for keys offer is 1-2 months rent.

Originally Posted by jbov

Ok, so what is going to happen in early April when the bank takes over?

How will I be officially informed that the bank has taken over the property?

How long will I be given to vacate the premises or work something out with them?

[jbov]

Originally Posted by airics

one word.... karma

Are you saying I have good karma or bad?

Perhaps you should have used 2 words...

The initial karmic wrongdoing was when my landlord executed a 12 month lease with me, and stopped making all payments related to the property that very same month (the county recorder shows liens from the HOA, lender, and the city).

[jbov]

Originally Posted by WestieJeff

I assume you received a notice of default or breach, if that is the case, you still have quite awhile before they will sell the property. The final notice you'll receive will be the notice of trustee sale, which should be approx 21 days prior to auction, if it isn't postponed.

Due to Obama's home's bill that was passed, if you have a valid lease paying market rent and the home is foreclosed on then you can stay until the end of your lease assuming you continue making rent payments to the new owner (whether that is the bank or a private investor). The only exception to this is if the new owner wants to occupy the home as their primary residence, if that is the case then they have to give you 90 days, but you must continue to make your rent payment to them. As soon as you miss rent, then you're in 5 day pay or quit territory and you can be evicted.

After the notice of trustee sale and then the auction, someone will most likely post at your door or just come talk to you. They may offer cash for keys, but you can choose to stay (they may not tell you this). A good cash for keys offer is 1-2 months rent.

Thanks for the solid breakdown

However my lease expired this week, so technically I am month to month. Does this change my course of action from what you outlined above?

[WestieJeff]

In that case my understanding is you'd be given 90 days, you would have to continue making rent payments to the new owner though.

Rents and Rants: President Obama extends and clarifies the Protecting Tenants at Foreclosure Act

Originally Posted by jbov

Thanks for the solid breakdown

However my lease expired this week, so technically I am month to month. Does this change my course of action from what you outlined above?

[delgadobb]

Originally Posted by airics

one word.... Karma

+1

[airics]

Originally Posted by jbov

Are you saying I have good karma or bad?

Perhaps you should have used 2 words...

The initial karmic wrongdoing was when my landlord executed a 12 month lease with me, and stopped making all payments related to the property that very same month (the county recorder shows liens from the HOA, lender, and the city).

that has nothing to do with you.. its between him and the bank. you arent getting hurt in this situation and you are living free.... now you should figure out the karma...

[jbov]

Originally Posted by airics

that has nothing to do with you.. its between him and the bank. you arent getting hurt in this situation and you are living free.... now you should figure out the karma...

Nothing to do with me?!

I am the one physically occupying the property, so I am the one who will be paying (with time and money) to move. The landlord had no reason to think the bank would wait this long to foreclose, so he had no moral qualms with me being evicted before my 12 month lease ran out.

Does that sound like an honorable contract, executed in good faith?

And, as I mentioned, I am not sure how long I plan on staying in town. The jobs I am qualified for (video production) are primarily in LA, and that is where I consider my true home.

I work in a volatile industry (online poker), so I don't even know for sure how long my current job will exist.

When I signed the lease I was looking forward to a month to month arrangement after 12 months. Now I have to commit to another 12 months. If, for instance, the Harry Reid online poker bill had passed last month, which included a 15 month blackout period for online poker in the US, I don't know what would happen to my job.

And if you are worried about the bank, don't be. I would be simply recouping a small portion of the ATM fees I have paid to Wells Fargo over 20 years of banking with them.

Take your silly, superstitious talk of karma and go ride off into the sunset on a unicorn, pal.

[Scott456]

Originally Posted by jbov

......
Now I have to move and sign another 1 year lease, when I don't even know if I want to stay in my job and in this town for that long. So my problems and inconveniences are not limited to the lack of building access.

Why should I feel bad about asking for cash for keys? I am looking at this as a business situation/decision. I am being forced to move against my best interests. The downside is already established. What is the matter with trying to maximize my upside?

Who says you have to sign another 1 year lease...there are plenty of 3, 6 month or even month-to-month apartement in LV.
I bet you were paying a below market rent for this place you have been staying, and that is why you wanted to take full advantage of it and stay.
You can fight all you want, but when it comes to fighting the bank, you'd better hire a laywer because they sure have good laywers already.

[jbov]

Originally Posted by Scott456

Who says you have to sign another 1 year lease...there are plenty of 3, 6 month or even month-to-month apartement in LV.
I bet you were paying a below market rent for this place you have been staying, and that is why you wanted to take full advantage of it and stay.
You can fight all you want, but when it comes to fighting the bank, you'd better hire a laywer because they sure have good laywers already.

This is true. But I was hoping to stay in the same building and it has a 12 month minimum lease requirement.

I am not going to get involved in a legal battle by any means. I am trying to maximize the benefits of my peculiar circumstance - not go to court.