San Mateo Renters Often Ignored in Foreclosure Spotlight
With foreclosures reported at record highs – even in San Mateo County – most of the attention has been focused on working folks losing their homes. That is, people losing their primary owner occupied residence. However, there is a seemingly forgotten subset of people who are affected by foreclosures too…Renters.
What are Tenant’s Rights with San Mateo Foreclosures?
What happens to a person who has signed a lease agreement only to discover that at some point in the lease term the owner goes into default and is subsequently foreclosed upon by the lender? What are the tenant’s rights?
Seek Legal Advice if You are a Tenant Facing Foreclosure of Landlord
I’m not an attorney and I don’t pretend to be, so if you find your self in this position, seek advice from a competent attorney who specializes in tenant’s rights. Having said that, here is some information you may find useful.
Possibilities for San Mateo Tenant when Landlord Goes into Foreclosure
Should your landlord go into foreclosure and you still have time remaining on your lease, some of the possibilities are…
- Under a new Federal Law effective May 20th, the bank who foreclosed and repossessed the San Mateo home would have to honor the lease of bonafide tenants
- One of the exceptions to the new law is if the bank, subsequent to the foreclosure, sells the San Mateo home to a buyer who intends to use the home as their primary residence the bank can then furnish the tenant a 90-day eviction notice to the tenants
- The foreclosed landlord is not necessarily absolved of liability. If the tenant is evicted, the landlord can be liable for the tenants’ monetary damages, such as higher San Mateo rent and moving expenses, due to the early termination of their lease.
Keep an Eye on Your Landlord with these Two Services
If you are renting a property in today’s market, it’s smart to keep an eye on your landlord. There are 2 companies that may help you monitor your landlord: Lemon Landlord, http://www.lemonlandlord.com/ and it’s sister company Eviction Alert, http://www.EvictionAlert.com. If it’s important, you may wish to contact them.
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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
