I live in a town house in marina del rey, built in 1970 and is under rent control because of its age. Our contract has expired as of 9/30/09. The owners have disclosed to us that the place is in foreclosure and will be auctioned off on the 7th of October. I have not found another place to live yet, and am currently unemployed and collecting unemployment, there by making it just a tiny bit difficult to move. Do I have any rights as far as once the property has been auctioned off, do the new owners have to give me notice again? I have been current with the rent, the home is in perfect condition and I would like to stay but can not afford to pay the full rent as my house mate has moved out. What are my options? Rights? I have had so many different takes on what is and what isn't I really am just needing to know what is TRUE, according to the law.

If the seller does not evict you after hey give notice, the buyer at a foreclosure does not have to honor any lease. They may give you a notice to move unless they wish to rent it to you,