Foreclosureradar just passed me this information about a new notice requirement on tenant occupied foreclosures.
The law’s purpose is to provide education and protection to an innocent 3rd party renter, but the problem I most see is an existing occupant who gives the name of an relative as a tenant, and claims they can stay for 90 days, with no requirement to produce a lease and history of rental payment. Also any rights granted should require payment of the current rent to the new owner. All these laws are focused on protecting the party not making their payment and penalizing the party who’s try to reclaim their asset. Where's the balance. I thought we were a capitalist country. I thought capitalism was a good thing.
SUNIL SETHI REAL ESTATE
CA DRE#: 01173766