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Rental Property into Foreclosure

By Alexandra Goldthwaite

Services for Real Estate Pros with HomePointe

December 18, 2008 04:58 AM

Rental Property lost in Foreclosure

It is not uncommon in this current housing market for owners to falter on their mortgage and have their rental go into foreclosure. As a property manger it is important to note that until the foreclosure sale is complete the tenant is still responsible for rent. Also, once the owner has lost the property this also terminates the relationship between the owner and the property management agency under civil code 2355.

Alexandra Machado

Home Pointe Property Management

Property Manager

916.429.1205x700

www.HomePointe.com

amachado@HomePointe.com

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Robert Machado

HomePointe Property Management, CRMC - Sacramento, CA

CPM MPM - Property Manager and Property Management

That is good to know for boths landlords and tenants. Any tenant with a big deposit with an owner must be a bit nervous.

Dec 19, 2008 10:42 AM

Anonymous

Dan Latham

Hello,

I own three properties, one of which I have decided to let go back to the bank. It is a duplex that I am at least $20K upside down. Just hoping that I could speak with someone who has experience in this regard and hopfully avoid any major problems.

Thanks!

Dan Latham

952-892-8570

Aug 12, 2009 12:45 AM