Foreclosed Rental Property-Issues for Tentants and Landlords

Thanks for sharing this information that can help many tenants. Best wishes for continued success.

Just an FYI for anyone who purchased an REO and needs to evict the tenants: be sure to check with your local laws regarding the type of unlawful detainer (UD) action you need to file...in our county, it is different than a regular UD. If you intend to occupy the property as your primary residence, the tenants need 90 days notice; otherwise, you can give them 90 days notice after the expiration date of their current lease.

Bob, Carolin,

If tenants want security they should become home owners! Harsh though it may be it takes as little as 3 days in some states for renters to become street people. Home owners in some areas can drag out forecloser as much as a year.

If you want to control your own destiney buy a home.

Bill

A good reminder when representing a tenant (because Bill, not everyone these days can qualify for or have the down payment to become a home owner) that the agent should check on when the home was purchased, for how much and what it's current value is, to be sure the owner isn't upside down on their mortgage and a potential prospect for foreclosure.

Bob,

In Idaho there is new legislation to protect renters from this.  They get 10 days notice and 90 days to relocate.

Bob & Carolin, It sounds like a good bill.  It's frightening to think anyone renting can just get thrown out like that.

A couple of years ago we had renters coming home from work to find that the locks had been changed on the doors and all their possessions removed. Since then, California has gotten tought on this type of stuff. I believe it's even tougher than the federal law.

Unfortunately for us and the banks, the government made it so the banks have to continue with the lease until it runs out. I think this is a mistake and I see more banks getting in to the landlord business to try to make profits from their foreclosures. They maybe even able to wait until the market comes back and make a profit on their foreclosed properties.

This is important information for renters to have.  There are many who are running into this problem.