Apartment I'm renting being Foreclosed on

Mr. Pokeylope

Came home to find a notice of Foreclosure taped to the door of the Apartment that I'm renting. The notice basically said that either I'm going to be given 60 days to move out or a new lease from the new owner after the place is sold at auction in 3 weeks.

Should I just kiss my security deposit goodbye at this point? Anyone with any experience in this situation?

What about next month's rent? I'm assuming it would be a bad idea to send in money to guys that will only have legal title to the place until 5/13/09?

I'm in California if that helps.

I would be thankful for any advice or information you guys could provide.

Thylacine

This happened to me, except instead the apartment complex was bought to be turned into a parking lot and I had 30 days to find a new place at the worst time of the year. Find out whoever is in charge at the moment, and talk to them. If you want to move, they may do like mine did and not charge me rent for the week or so I was getting that all sorted out and moving. Or if you want to stay they will tell you who to pay for what.

Your deposit should be safe. In most places it's a law that it needs to be kept, set aside by the owner/landlord/whatever. I guess it may be different if it's being foreclosed...but again, that's a really good question to ask whoever is running the show now during the transfer.

illig

i would stop paying... basically consider my security deposit to be the next month's rent, while looking for a new place

ASimPerson

Since it's a being sold, your deposit is probably still there. That said, you should probably try to move if you can. You have no idea who it's being sold too and they could turn it into low-income housing or decide to tear it down.

clsCorwin

http://www.caltenantlaw.com/Deposit.htm

Read here.

Feral

I looked into this a few months ago just to see what the laws were like. From what I read, California has a law that says that when a bank forecloses on a rental property, the bank becomes responsible for security deposits.

Darkewolfe

I recall there being a special law regarding security deposits in California.

I just had a thread about foreclosure not to long ago. One thing I've learned since then is that the bank which has foreclosed on you has a lot of legal tape to go through to get you out. There's a lot of advice out there that you negotiate with the bank in order to get them to pay you as much as you can get to move out without a fight. As long as you occupy the premises and have stuff there, you have a bargaining chip with them to make sure they treat you fairly. Do some searching, I know there's actually a couple other forums that have a bunch of advice on how to negotiate in this situation. Good luck!