In foreclosure- have tenants, need advice ASAP

[6122272]

What is the name of your state? California

I am currently in pre-foreclosure. It does not look like I will be able get myself out of foreclosure.

I currently have tenants in the property being foreclosed upon. I receive $980 in rent monthly. I have not paid my mortgage for 3 months, notice of default will be served in 10 days.

How do I go about telling my tenants they will need to move out? They signed a lease in January 2007, for one year. I dont know what the legal process is, and I want to give them notice as soon as possible.

Please, any advice will be greatly appreciated.

[foreclosurefish]

I'm not sure what the laws are regarding that kind of situation, but a little compassion and understanding will probably go a long way. Just tell them as much about your financial difficulties as you can, and let your tenants know that you'll help them out in finding a new place to rent and give them a referral, etc. Let them know how much time they have to stay in the property without the threat of being evicted. Hopefully, they'll understand that everyone faces a financial hardship at one time or another, and one of them may even be interested in purchasing the property from you. If you can sell it to one of them, then the problem will be completely worked out for everyone.

Good luck. I hope it works out with the tenants and with the foreclosure situation.