Preliminarily, neither this blog post nor any potential consultation services you may retain Bustarde Law for are intended or comprise loan modification services. Bustarde Law does not provide loan modification help, and consumers are expressly advised to be careful in retaining anyone for such help.
That disclaimer aside, homeowners, property owners, and any tenants of any property owners should make themselves aware of the law and their options when a property they may have an interest in is too expensive for the owner to keep.
Foreclosure is not the only potential conclusion where someone cannot make payments. Certainly a loan modification is an option but one must be aware that seeking a loan modification does not necessarily stop the foreclosure and thereafter eviction process.
If a property is worth more than the amount of debt then a Deed in Lieu of foreclosure may be available.
A short sale might be another reasonable alternative and with the new anti-deficiency law regarding short sales in California, that option becomes more attractive.
The rights of tenants are generally controlled by their leases, however other statutory considerations come into play if a tenant's leasehold interest is affected by a sale of the property. The amount of time a tenant has resided on the property may entitle the tenant to a greater notice period before they must vacate. Also, whether a sale occurs at a foreclosure sale or as a result of a owner initiated short-sale will affect the landlord/owner and tenant's respective rights.
Call Darwin Bustarde or visit Bustardelaw.com to learn about what options and considerations are implicated regarding your property or home.
No comments:
Post a Comment
Please feel free to provide any comments, however, do not post any questions regarding any particular legal matter. Do not provide any personal information. Commenting on this blog does not create an attorney-client relationship. The administrator reserves the right to delete any and all comments posted.