If my rental house is going into foreclosure, how can I get my security back?

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If my rental house is going into foreclosure, how can I get my security back?

Asked on October 10, 2012 under Real Estate Law, Pennsylvania

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

With respect to your security deposit, your landlord is responsible for returning it back to you (not the lender that is foreclosing or the new owner). Under the circumstances, see if your landlord will let you apply it to a month's rent. The fact is that you are still required to pay rent until the landlord is no longer the legal owner. The landlord's financial problems have no impact on your legal obligation to fulfill the terms of your lease. Also, stay on top of when the sale date is, after that you can stop paying your landlord rent. The bank should send you notice of this also. If all else fails, you an take your landlord to small claims and sue for the amount of your deposit, plus interest.  


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