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Im currently working with my Lender to refinance my rental

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I'm currently working with my Lender to refinance my rental home. If the refinance is not approved then I may lose my rental home through foreclosed Trustee Sale, which meant I may lose this rental home with all my saving money that I put down to buy this home for many years. My tenant is currently living in the home. I have been told that the return of security deposit to my Tenant is protected by Federal Protecting Tenants at Foreclosure Act, which provides that leases survive foreclosure. This means that the Lender, as successor in interest, does have to return the security deposit to my Tenant after they foreclosed the home and took over the ownership of the property. Please clarify who will be responsible to return the security deposit to the Tenant if the rental home is foreclosed? The former Owner (me) or the new Owner (Lender or whoever bought the property at Trustee sale)? Please have a California Lawyer to help to answer this question per California laws. Thank you very much for your help :)
Submitted: 4 years ago.
Category: Real Estate Law
Expert:  Richard replied 4 years ago.

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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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 4 years ago.

I think you are talking about Texas laws. Can I have CA Lawyer looking into this question, please. -Christy

Expert:  Richard replied 4 years ago.

I will happily opt out....but this is covered by Federal law, not state law. Federal law covers all states.

 

Expert:  LawGirl replied 4 years ago.

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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Category: Real Estate Law
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