QUESTION

I’m a renter and the owner foreclosed do the bank have to pay renter to relocate and if so how much per adult plus kids?

Asked on Jan 19th, 2013 on Foreclosures - California
More details to this question:
N/A
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3 ANSWERS

Mortgage Foreclosure Defense Attorney serving Deerfield Beach, FL at The Ticktin Law Group
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The bank does not have to pay you to relocate. If you did not have a lease or were a month-to-month tenant, you must receive at least 90 days notice to vacate. If you have a lease, you are permitted to remain in the home for the duration of the lease, unless the person(s) who buy the property intend to live in the property, in which case 90 days notice must be given. In some cases, the bank or the new property owner may make a monetary offer to entice you to leave the property sooner, but it is not a requirement.
Answered on Jan 23rd, 2013 at 12:40 PM

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Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC at Love and Dillenbeck Law
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The bank is not required to pay you to relocated. They do have to honor any lease you have in place due to the Protecting Tenants at Foreclosure Act. They may offer money for you to move but it is likely just enough to cover moving expenses.
Answered on Jan 23rd, 2013 at 12:39 PM

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No. But the Bank IS obliged to give you 90 days before you have to move. In lieu of that, most lenders will offer you a cash-for-keys deal. Contact the lender to see if that is available.
Answered on Jan 23rd, 2013 at 12:38 PM

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