Renting a Foreclosure (agreement, tenants, eviction, forclosure)

[Desperate!]

My husband and I are renting a condo that just went into foreclosure. An agent working for the lender came by and offered us Cash for Keys ($1500) to move out within 30 days. We agreed, thinking we didn't have much of a choice, and signed an agreement. However, I was recently informed that a new law went into effect that gives us 60 days to move without having to go through the eviction process. So, does anyone know if I can rescind on the agreement without legal problems? Thanks in advance!

[RussRIK]

I doubt you'll be able to get out of the agreement if you've already signed. The new law basically says that the new owner (the Bank) must post a notice giving you 60 days to move out rather than only 30. So yes, you would have had 30 more days to move out. But you wouldn't have gotten $1500. If you are able to move out in time, then this is profit. Otherwise, sounds like a bummer. Consider talking to an attorney or a tenants rights clinic to see if there is anything you can do. Many are free, and I am sure San Diego has a couple.

[VegasGrace]

Ahhh....'came by'...so someone went to your home?

You have 3 days!

'cause they know that you can stay rent free indefinitely, they'd have to begin proceedings against you to evict you...but then the forclosure would come up-you'd bring it up. They are breaking the lease, not you!

See it happening all the time.

Know of this one couple in Fl who as soon as they saw it in the newspapers about their house...they stopped paying rent (they had cash in savings if they ever had to pay a lump sum of rent). The management office was furious but they lived there months and months until they found a place then simply moved.

Nothing happened.

Just be careful.