Homes for Rental in Hemet, California Foreclosed
Homes for rental in the Mobley Lane neighborhood of Hemet, California have been foreclosed by banks and most residents are being instructed to leave even if they have already paid their rents.
Based on interviews, the block of apartment units on Mobley Lane has a history of troubled finances. Trilar Realty, which previously managed the property, said it stopped managing the property as soon as lenders foreclosed on the apartment units.
Some of the renters were more fortunate than other residents because they were notified by the owners before the foreclosure and they were given a couple of thousand dollars to move out of the properties. There were also some families which were told to stay and make their monthly payments to the new owners.
But for most of the renters, the foreclosures were becoming a nightmare because they are receiving eviction notices without any refunds of their security deposits or any financial assistance for moving out.
For those who have not received any kind of notice, uncertainty and anxiety have been filling up their nights and days because they do not know if they should continue paying their rent to the same entity, use up their security deposit or begin looking for another rental.
Adding to the woes of residents of the distressed homes for rental is the notice that electricity, water and garbage would soon be shut off even if not all of the renters have received eviction notices.
Despite the anxieties of eviction and lost security deposits, Hemet renters can take comfort from the Helping Families Save Their Homes Act, which was signed by President Obama in May.
The federal law protects renters of housing units that have been foreclosed by banks. Under the law, renters have the right to remain in their rented houses for 90 days after foreclosure. Those with longer lease terms as spelled out in their lease contracts can stay through the rest of the term.
Based on foreclosure data, about one-third of foreclosed housing units in California are rental units. Under California law, lease contracts are cancelled by foreclosure and renters must be given 60 days to move out after foreclosure.
But under the federal law, lease contracts survive the foreclosure of homes for rental. However, they can be terminated if the renters are given a 90-day notice. For some California cities that prohibit foreclosure evictions, the federal law does not preempt these prohibitions.
