If my rental is going into foreclosure mid-month, how do I prevent loss of1/2 month’s rent?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my rental is going into foreclosure mid-month, how do I prevent loss of1/2 month’s rent?

The condo I am renting is going to cash sale in the middle of the rental month. If I am by law supposed to continue paying rent until the foreclosure, how do prevent over paying the previous owner, since I would usually pay the full month’s amount on the first day of the month? Is it legally within my rights to prorate the amount according to the date of the cash sale? Then pay the new owner the month’s remaining balance? I am confident I will be loosing my security deposit already and do not want to pay for the second half of the month twice.

Asked on February 17, 2012 under Real Estate Law, Tennessee

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you believe that you will lose your security deposit due to the pending foreclosure sale of the rental that you occupy, the best way to protect yourself would be to do the following:

1. write the landlord a letter setting forth your concerns about the foreclosure where your believe that your security deposit is at risk and ask him or her to apply the security deposit in hand to the upcoming month's rental. Keep a copy of the letter for future reference. Reference a pro-ration of the security deposit as well as to the slated date for the foreclosure sale.

In the letter advise your current landlord that but for the upcoming foreclosure sale you would have sent a rental payment but you have concerns about getting your security deposit back from the landlord if the home is foreclosed upon.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption