Ah, the good 'ol days, back when in 2008. Life was so much simpler then. When an investor purchased real estate after foreclosure the trustee conveyed clear title to the new owner. All junior liens, including junior leases, were wiped out. If the property had a tenant, no worries, the new owner need only give a notice terminating the tenancy.Planning was easy; so was turning around a dead property and putting it back on-the-market, ready for a new family, occupied, useful and socially beneficial again, typically at a windfall savings to the new homeowner. In July 2008, the California legislature where I practice, with our Governator's consent, increased the 30-day tenant notice period to 60 days, not a great piece of news for the much-needed California real estate investor but at least the new law was clear and the investor could still plan.And then came Barack.In a major federal intrusion
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