Is your landlord in foreclosure? Across California, a new kind of problem has cropped up thanks to the current housing crisis – landlords are allowing their properties to go into foreclosure and don’t tell the tenants.
What happens if you are a tenant and your landlord goes into foreclosure? Should you keep making the payment to your landlord knowing that the landlord isn’t paying the bank? What happens when the bank forecloses?
The laws are different in each state in the US regarding this problem, so if you find out that this is happening to you, be sure to speak with a California Real Estate Attorney about it. You may have more protection than you think.
What is the best way to know if your landlord is in foreclosure? If you just want to check once if your landlord is in foreclosure, you can easily check the county records – because the foreclosure process is a legal process that is part of public records. Here is also a site (Rentalforeclosure.com) that you can check to see if your landlord is in default (although according to at least one source, this site may not always be accurate).
And if you are concerned about monitoring whether your landlord is in foreclosure, there is a new service available from Lemonlandlord.com where it will monitor whether your landlord goes into foreclosure for something like $3/month.
Is it really worth $3 a month to see if your landlord goes into foreclosure?
It seems far cheaper than being surprised.
