Real Estate Law
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Good evening. I know you asked for a California lawyer and if after I answer you still want one, please feel free not to accept and I will opt out. But, this question is not answered by CA law; rather it is under the same new federal Act that protects leases in the event of foreclosures. Under this Act, you have the deposit so you are obligated to turn it over to the lender at foreclosure, but if you do not, the Act protects the tenant by allowing the tenant to deduct it from his final month's rent. Then, it becomes a question of whether the lender wants to pursue you for it.
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I think you are talking about Texas laws. Can I have CA Lawyer looking into this question, please. -Christy
I will happily opt out....but this is covered by Federal law, not state law. Federal law covers all states.
Thank you for your question.
I wish I could provide an alternative answer; however, the previous attorney who provided your answer is correct. You will be responsible (under State and Federal law) for the return of the security deposit whether or not the property is foreclosed. Foreclosure of the property does not obviate or terminate your responsibility to return the security deposit.
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