Posted on: 07th Apr, 2010 01:56 pm
My rental property in Northern CA is scehduled for Trustee's Sale on 4/15/10. I was just called by the bank offering to do a Deed in Lieu. My tenants have an 18-month lease that expires on 12/31/10. I know that if I get foreclosed on my tenants will be protected under the "Protecting Tenants at Foreclosure Act" of May 20, 2009. However, what will their situation be if I choose the Deed in Lieu? They've been great and I want to ensure they won't be unduly harmed by this.
Thank you
Thank you
i like your style, joe...that's very thoughtful of you to seek out this information. i suggest you contact the attorney general's office to get the lowdown, though. lenders aren't known for their generosity in these matters, so discussing it with your lender will probably not result in much that's worthwhile. you can always check with a local real estate lawyer, but i think the ag office will be far speedier (and free).
Thank you George. I hadn't thought about going the AG route. I just want to be able to tell my tenants what their options are.
