I Have Been Living In The Granny Unit Of A Property For 10 Years. The Owners Lived In The Main House. The House Went Up For Foreclosure a few months ago, we Had Retained A Lawyer, And 3 Days Ago The House Was Auctioned And Sold, we had no warning. Came home to a gutted home with padlocks and changed locks. Fortunately The Original Owners Moved Out a couple months ago, But I Am Still There. The Realtor Representing The %26quot;New%26quot; Owners Have Discussed A Cash For Keys program but have not disclosed an offer. I Do Not Know Anything About This program. How Does This Work And Will My Credit Be Affected By This? How much time do I have?
Tenant Of 10 Years, House Was Auctioned 3 Days Ago. What Are My Rights? Cash For Keys Vs Staying? What About M?
You are a month to month tenant. When the new owners bought the property at forclosure auction, they buy as-is/where-is, meaning that if there is a tenant (you), it's their problem to deal with.
If you're month to month (which you are), then they just need to serve you notice that they won't be continuing with the lease any more. NORMALLY the date you'd have to move is the end of the month FOLLOWING the current month that notice is given. So if they tell you %26quot;Gotta go%26quot; on May 1st, then you have till the end of June. If they told you April 30th, you'd have to be out end of may.
Either way you gotta go. You're living in someones house that no longer wants you there. Best thing to do is tell them you want 2x the rent amount as 'cash for keys'. They'll likely do that as if they try to evict you, it could take months (depending on where you live, and how you deal with the eviction proceedings). Note that if they do evict you, THAT does go on your credit, as do any judgements.
So just make a good cash for keys offer (DONT WAIT FOR THEM TO OFFER YOU SOMETHING) and find another place.
Tenant Of 10 Years, House Was Auctioned 3 Days Ago. What Are My Rights? Cash For Keys Vs Staying? What About M?
Do you have a lease or were you renting month to month? The realtor (representing the bank that foreclosed) is offering a cash allowance to help you relocate. That's what %26quot;cash for keys%26quot; means.
Taking Cash for Keys will NOT affect your credit.
You retained an attorney--he/she is best source of GOOD information for you in your situation.
Cash for Keys means instead of having to evict you, you voluntarily move out and give keys to them in return for some cash. Cash towards moving costs or return of security deposit or for new security deposit. You are living on borrowed time and need to assess your situation, your costs and your options. . . . . .and ACT.
Check out your state's laws for protection of renters in foreclsoure. Otherwise, foreclosure VOIDS your lease.
Since you live in CA and have lived in the property for an extended period of time, the new owner can put you out with 60 days notice, spanning 2 full rental periods. If you are notified today, that puts your mandatory move-out date at August 1st. If you fail to vacate by then, the owner can have you evicted. Evictions of this type can take 60 to 90 days or more in CA but eventually the owner will win and you will be put out if you have not moved voluntarily.
As long as you pay your rent on time and vacate by the date that the new owner sets, this can't hurt your credit at all. However if it goes to eviction that can hurt you even though the reason would not be for non-payment of rent. You do want to avoid an eviction by any means possible.
Whatever the former owner's attorney may have told you is irrelevant now as ownership has changed. Unless that same attorney represents the new owner as well, which arguably is a conflict of interest, he or she is in no position to offer anything binding upon the new owner.
If anyone contacts you and claims to represent the new owner, ask for written proof first, and verify it with the owner yourself.
Contact the new owner directly and see what kind of a deal they are willing to work. Keep in mind that they can have you out by August 1st without offering you anything. If you can get them to cover your moving costs to leave prior to then, that will probably be the best that you can come up with. Be sure to get any agreement in WRITING and have your attorney review it first before you sign anything.
It sounds like a bank bought this, not a person.
If a person did they have to give you 60 days to move out (CA only), unless you do not pay them rent, then it goes to 3 days.
If a bank bought it you have 90 days, again, as long as you are paying the bank rent, 3 days if you do not.
Cash for Keys is not a right, you can't force it. But basically it is them paying you to move out quickly and leave the property in good condition. The offer should be around 2k.
Cash for keys means they will give you money to get your stuff out and turn over your keys to them - as soon as possible.
Sorry about the lease, that contract expired when the ownership expired. There are a lot of victims when houses foreclose.
