One of the more pressing issues facing people who just went through the foreclosure process is what happens after foreclosure. In other words, do you have the right to remain in your house?
Generally, the answer is no. Foreclosure cuts off the homeowners rights to possession. However, the landlord (the bank) still has to go through the legal process to evict the prior homeowners through an unlawful detainer action.
A wise prior homeowner will contact the new owner (the bank) and see if they can either negotiate a lease of the property or a “cash for keys” deal where the bank will pay the foreclosed former owner for keys to their house. By negotiating a “cash for keys” deal the bank and the foreclosed former owner benefit by not having to go through the time and the expense of an unlawful detainer action. In addition, the foreclosed former owner receives the added benefit of recieving
For more information, please contact Schorr Law, APC. 323-658-8196. www.schorr-law.com.