[Squatter]

I signed a 2 year lease on a home on the southern California for 5,000 per month and normal rental rates are 10,000 a month. I heard the owner filed bk and the bank (chase) will own the house in 90 days. What are my rights as a tenant.

Is the maximum lease term 2 years?

[Fr_Chuck]

A foreclosure or bankruptcy will void your lease, so it does not really matter. What does matter is how the bank takes it, if it goes to a foreclosure or sold at the bankruptcy. But basically you go to a month to month rental, in a bankruptcy, they may include your deposit ( perhaps, depends on state).

[ScottGem]

But you will have 90 days to vacate.

However, CA has laws about this (there is a sticky at the top of this forum that refers to it. You may have a cause of action against the landlord.

[HappyTenant]

I hope this helps you stay in your house for longer!

Please Google "Protecting Tenants at Foreclosure Act of 2009." This was signed by Obama on May 20, 2009.

Here are the highlights:

1) As of May 20, 2009, the lease SURVIVES any foreclosure. In other words, the new owner will have to honor the written lease.

2) The ONLY EXCEPTION, and an important one to remember, is if the new owner wants to occupy (live in) the house. In this case, you still have a 90-day period in which to find a different place.

You asked only a week ago, so I hope this provides you with some much needed comfort.