If my apartment complex is going under foreclosure, should we try to get our security deposit back from our old landlord or the new one?
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If my apartment complex is going under foreclosure, should we try to get our security deposit back from our old landlord or the new one?
We received a foreclosure notice 30 days after moving into our new place, and we would like to stay for the remainder of the lease. The new management company that the bank has assigned has made it clear that they will not be giving us our security deposit. Should we try to get it back from our original landlord? The Protecting Tenants at Foreclosure Act states that the new owner is the successor in interest. Does this mean they are now responsible? Is it possible to negotiate a reduced monthly rent equalling the same amount?
Asked on December 20, 2011 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the apartment complex that you are staying at is foreclosed upon and you have a term lease, you are allowed to stay in the rental for the duration of the lease assuming you are current on your lease. If the lease is a month-to-month rental, you are required to be given at least 90 days termination of it post foreclosure.
If the property is foreclosed upon, your former landlord is responsible for returning the security deposits placed by the tenants to them or the new property owner.
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