This is what I found.......

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ally_IHB

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I've been reading from IHB about how people abuse HELOC and take advantage of the exotic financing, I just never thought I'd know one until I found something from one of IR's posts the other day:http://www.idealhomebrokers.com/foreclosures/?Location=Irvine



One of the street names on the foreclosure radar search page happens to be the same as my current residence, which I've been renting for 2 years. I'm renting the casita (or mother in law suite) attached to a nice main house, $800 a month. When I saw the street name, I did not pay much attention. I was just wondering who would that be? The neighbor to the left? no, he is a doctor; how about the other side? no, they have a hotel chain. So out of curiosity, I registered the 3 day free trial from foreclosure radar and did the search. Guess what, BAM, it IS my current address!!! The property is scheduled for public auction in Nov, and my landlord did not say a word!! They stopped paying the mortgage I guess long time ago since the NOD was issued Jul 2008, and I'm still paying my rent.....oh, yeah, they did reduce my rent from $900 to $800 last year, that makes them better persons?



Anyways, some other interesting things were also revealed, like: the house was purchased in 2006 at 1.5 million, only ~2% down (OMG), two loans, NOD amount is 128K........and he himself is a realtor!! One of the reasons that I did not think this could happen to my landlord is, they just finished the landscape after 2 years of bare soil and being the ugliest house in the neighborhood (still the ugliest since the design sucks!!). If you "plan" to have your house foreclosed, why you want to spend money on the landscape?! How about paying your mortgage!?



I may sound a little hysterical, but I'm going back to Taiwan on the SAME day the house is going for auction, for three weeks......I'm just worried that the court will execute the evacuation and throw my stuff away while I'm still on my vacation.....move or not to move? I still can't believe he didn't tell me anything!!





The only good thing today is I finally got some good news from the short sale I've been waiting, first lender finally approved and we may be able to open escrow this week......thank God, it's been 3 months......but that still does not solve my current issue. Do you guys know how soon they need to move out when the house is sold at the court? either going back to the bank or sold to the bidder..
 
I'm not certain, but I thought that some laws were enacted to protect renters that had a lease on foreclosed homes. I'd checkup on that. You should also bring this up to your landlord.
 
[quote author="Sunshine" date=1256652037]Please tell me your landlord is not your realtor.</blockquote>
Too late Sunshine, she already said her landlord was a real terd. :P
 
I'm beginning to think that this is a more common problem than I thought previously. I have a friend that has lived in a rental house in Mission Viejo for 8 years. Purely by accident, they just found out that a NOD was filed on the property last June. They've got a kid in high school and really don't want to move, but they are beginning to plan for a change in address.
 
Sunshine, he WAS my realtor for like 1 month and I fired him....nicely.....He was just not that responsive, he replied my email a week later when I was so eager to get a house, I can't stand that back then. He made me think that maybe my business is too small for him to take care, so I found another realtor who can at least give me some feedback and that is all I ask!



Yes, he is a real terd, but luckily he is not mine now, hahaha...
 
sorry to hear this.



if i remember correctly, you can file a notice with the court and bank that you are a protected tenant, which will protect your rights in your absence. but you may want to consult a lawyer or at least do some googling.
 
Really?! It would be great if the auction got postponed....



I started to wonder if they know the way out, some exotic way... have someone buy the property at the court for them? I don't know, he is a realtor, got some tricks I guess....
 
I agree with geo. From personal experience, the chances the auction will get delayed are pretty good. We were renting a condo that got a NOD, and the auction got delayed 4 months until our lease was up. If they are trying at all to find a solution with the lender, they might get more time.



We were told we would have 60 days to vacate if the condo was sold at auction or foreclosed on. Not sure how it works if you just rented a room within the house. Also if you signed a lease you are obligated to pay the rent until the house is actually foreclosed on. We tried to get out of that, didn't work.
 
If you have a signed lease the one who forecloses on you, bank or third party, HAS TO HONOR YOUR LEASE. I have posted about this several times before and anyone who knows what Google is can find the law that supports this.
 
[quote author="graphrix" date=1256737061]If you have a signed lease the one who forecloses on you, bank or third party, HAS TO HONOR YOUR LEASE. I have posted about this several times before and anyone who knows what Google is can find the law that supports this.</blockquote>




Just to clarify, does this work the same way if you have a signed lease for one room?



What if you have a signed lease for a sliver of the living room (craigslist posting)?
 
[quote author="Geotpf" date=1256704382]There's a very high chance that the auction will get postponed.</blockquote>


The great majority of trustee sales in Southern California are postponed, but that does <strong>NOT</strong> translate into, "There's a very high chance that the auction will get postponed." Unless you know the circumstances of this particular property, you have no idea what the chances of postponement are. Each situation is completely different. There are trustee sales in my neighborhood which have been postponed 13 times and there some for which the auction occurs on the first scheduled date.







Geotpf - Do you know of the circumstances surrounding this particular property and know that the chances are high that it will be postponed?
 
[quote author="awgee" date=1256762646][quote author="Geotpf" date=1256704382]There's a very high chance that the auction will get postponed.</blockquote>


The great majority of trustee sales in Southern California are postponed, but that does <strong>NOT</strong> translate into, "There's a very high chance that the auction will get postponed." Unless you know the circumstances of this particular property, you have no idea what the chances of postponement are. Each situation is completely different. There are trustee sales in my neighborhood which have been postponed 13 times and there some for which the auction occurs on the first scheduled date.







Geotpf - Do you know of the circumstances surrounding this particular property and know that the chances are high that it will be postponed?</blockquote>


Ok, let me rephrase. Most auctions get postponed at least once.
 
Wow,



What an amazing way to totally screw over a bank. If the new bank or lender HAS to honor any lease agreement that you make. Why not lease your home out for ten years to someone REALLY cheap right before they bump you out?



Too funny.
 
[quote author="SAKMAN" date=1256774200]Wow,



What an amazing way to totally screw over a bank. If the new bank or lender HAS to honor any lease agreement that you make. Why not lease your home out for ten years to someone REALLY cheap right before they bump you out?



Too funny.</blockquote>


For the lease to be honored it has to be at market rate
 
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