California Renter Bankruptcy
Hello, I have a single family home that I have just obtained via a foreclosure sale. I got this home for a price I am happy with. The home has an existing renter that is angry because he has lost his deposit (3 months rent) from the previous owner. He will not pay rent now and is claiming that he is going to go BK if I do not credit him the 3 months deposit. I have looked at the rental agreement he provided and it does show that he left a 3 month deposit with the previous owner.
MY QUESTIONS:
1. How long will he be able to stay in my house IF he goes BK?
2. What can I do to speed up the process?
3. What can he do to complicate the process for me?
4. Can anyone point me to a website that spells things out a bit for me?
Thank you all,
Puppies
Youd better start eviction proceeding if his lease is current. Credit for a 3 month deposit is crazy, he must be very dumb to pay 3 months deposit.
So he probably will challenge the eviction and trash your house. But you know the home had a tenant when u bought it.
If you are scared he will trash the place, you will need to honor that deposit, if the lease looks legit. Good luck
1. How long will he be able to stay in my house IF he goes BK?
BK can be dealyed a long time
2. What can I do to speed up the process?
I have never heard of anything
3. What can he do to complicate the process for me?
Trash the house
Start eviction and he can do small claim against the previvous landloard.
when they are out and locks change, he gets the cash.
I have spoken with the renter again and he will not move until he is assured to receive a payment for his deposit. Now I will be forced to evict him, at which point he will wait to the last possible second and then claim BK. I could be stuck with this guy trashing my house rent-free for how long? 6 months, 1 year?
How can I assure this idiot that I will give him the 3 months deposit, without actually giving him the money until after he is gone? I really think that it is worth my while to give him the money as long as he is out in 30 days.
What do you guys think?
How much is the 3mths deposit? Sometime you just have to be pragmatic about it.
Three months deposit is 5.4K. What do you all think?
Check you state laws about evictions and notice. It might be simple or complicated.
Stop having conversations. Send him notice in writing that you are the new owner and such.
I would spend the $100 or so consultation and go talk to a real estate attorney.
If someone could file BK and stay on your property. This would basically force you to continue your loan and in this case, increase your loan to the tenant each month.
Thats why BK, job loss, medical bills, bad accident, etc...wont stop eviction. The judge may give them an extra 2 weeks or something, but he can t cancel your income legally, hell, that could possibly for both the land lord and tenant to file BK.
Just file normal eviction proceedings, Id bet its all worked out before the sheriff comes out.