Upcoming Foreclosures

Landlord/Tenant Rental legal advise, Re-posted?

I re-posted this because I've gotten really great answers but all conflicting each other. If you know what all this means please help! I'm trying to find out if my condo owner is going to foreclose on the property I live in. I received a letter at my address made out to the landlord from a company called Nevada foreclosure consultants. I pulled the county record, but I don't understand it. Does someone out there with a little law experience know what all this means? Should I start renting a storage? here's what I found...(I substituted XXXX for any personal info, and the word Landlord, for my landlord's name to protect privacy) Document Type: Default Recorded: 11/21/2008 14:07:18 Pgs: 2 ReRecorded: N Remarks: Requestor: FIDELITY NATIONAL DEFAULT SOLUTIONS TUSTIN 1st Party: LANDLORD 2nd Party: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC Legal Description: ParcelNum: xxxx References: Tot Value: $ Property Value: $0.00 RPTT: $ Exmpt Code: Percent: % ATag: Instrument: xxxx Book/Instr: Document Type: Substitution - TRUSTEE Recorded: 11/21/2008 11:56:16 Pgs: 1 ReRecorded: N Remarks: Requestor: FIDELITY NATIONAL DEFAULT SOLUTIONS 1st Party: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC LANDLORD 2nd Party: RECONTRUST COMPANY Legal Description: ParcelNum: xxxx References: Tot Value: $0.00 Property Value: $0.00 RPTT: $0.00 Exmpt Code: Percent: 100% ATag: Instrument: xxxxx Book/Instr: Document Type: Default Recorded: 09/16/2008 11:28:12 Pgs: 2 ReRecorded: N Remarks: Requestor: FIRST AMERICAN NATIONAL DEFAULT TITLE INSURANCE LA 1st Party: LANDLORD 2nd Party: DESERT SHORES VILLAS CONDOMINIUMS Legal Description: ParcelNum: xxxxx References: Tot Value: $0.00 Property Value: $0.00 RPTT: $0.00 Exmpt Code: Percent: 100% ATag: Instrument: xxxx Book/Instr: Document Type: Lien Recorded: 07/16/2008 10:17:17 Pgs: 1 ReRecorded: N Remarks: Requestor: NORTH AMERICAN TITLE COMPANY 1st Party: LANDLORD 2nd Party: DESERT SHORES VILLAS CONDOMINIUMS Legal Description: ParcelNum: xxxxx References: Tot Value: $ Property Value: $0.00 RPTT: $ Exmpt Code: Percent: % ATag: Instrument: xxxx Book/Instr: Document Type: Trust Deed Recorded: 02/27/2006 09:01:26 Pgs: 19 ReRecorded: N Remarks: Requestor: NEVADA TITLE COMPANY 1st Party: LANDLORD 2nd Party: COUNTRYWIDE HOME LOANS INC Legal Description: ParcelNum: xxxxx References: Tot Value: $ Property Value: $0.00 RPTT: $ Exmpt Code: Percent: % ATag: Instrument: xxxx Book/Instr: Document Type: Trust Deed Recorded: 02/27/2006 09:01:26 Pgs: 33 ReRecorded: N Remarks: Requestor: NEVADA TITLE COMPANY 1st Party: LANDLORD 2nd Party: COUNTRYWIDE HOME LOANS INC Legal Description: ParcelNum: xxxx References: Tot Value: $ Property Value: $0.00 RPTT: $ Exmpt Code: Percent: % ATag: Instrument:xxxx Book/Instr: Document Type: Deed Recorded: 02/27/2006 09:01:26 Pgs: 5 ReRecorded: N Remarks: Requestor: NEVADA TITLE COMPANY 1st Party: DESERT SHORES HOLDINGS LLC 2nd Party: LANDLORD Legal Description: ParcelNum: xxxxx References: Tot Value: $198,990.00 Property Value: $0.00 RPTT: $1,014.90 Exmpt Code: Percent: 100% ATag: * 17 hours ago * - 3 days left to answer. Additional Details 16 hours ago My lease is until April. I don't want to be one of those people who pays rent and comes back home to a 72 hour vacate notice. 16 hours ago My Landlord actually lives in California, I pay him through an office that manages the property, and they are less then forthcoming about things.

Public Comments

1. OK, it's impossible to tell what each of these is without looking at the actual document that was recorded at the county recorder's office. But, this is my best guess. Take it for what it's worth. From the bottom up: The first three appear to be the initial conveyance to the landlord. The first one that is 5 pages is probably the deed, along with some covenants. The next two are probably the mortgage, and/or the purchase contract. The fourth appears to be a notice of default filed by the homeowners association, in all likelihood for failure to pay assocation dues. (The actual document on file at the county will show the amount that's past due.) The fifth is probably a notice of intent to foreclose, filed by the association, for recovery of the past due association fees. The last two appear to be associated with a default on the mortgage payments. One is probably a notice of default, and the other an assignment of rights. This doesn't mean the property is being foreclosed. Typically, there are several notices that must be made before a foreclosure is initiated. But, it does suggest the landlord is behind on some payments. Again, if you want to know for sure, you will need to go to the recorder's office and look at the face of each of these documents.
2. Default recorded is where I stopped reading all this. The landlord is in default. He received Notice of Default (NOD) on 11/21. Typically, a NOD is filed after 3 months of non-payment. It can take another few months before the the foreclosure is complete, if indeed landlord intends to let the property go. Ask the PM what the landlords intentions are. If he is going to redeem the property (make his payments current), then you will be fine. The bad news, you owe the rent whether he goes into foreclosure or not. Even if he lets the property go into foreclosure, and you don't pay, he can successfully sue you for the rent.
3. This all means that he was late. I would not worry about it too much, people are commonly late. You will have at least 30 days, not 3. 3 is for dead beats, not normal renters. Even if they start foreclosure today it is doubtful they will complete by April.