Leased Home - Owner is in foreclosure ~ Can I get my security deposit?
Question:
Ella, if they aren't making the mortgage payments do you really think you will get your deposit back? You could sue, but it doubt it will help, besides it's not cheap. You won't have to move until the clerk of the court gives notice and that tells you how long you have. I would consult an attorney regarding paying anymore rent. I wouldn't want to tell you not to and your state has laws about. So best to talk with an attorney, most will do a consult for free. But I would advise you to start looking for a new place. And on the next one, make sure the landlord/owner is in good standing with the lender. If they have the right to check your credit history, why not you check theirs?. Good Luck!
When the property changes ownership back to the financial institution, the financial institution is obligated to the lease contract....however, they are not obligated to renew your lease.
Here is what you can try:
Call the bank and find out how to take over payments of the mortgage after your lease expires. Essentially, all rent/lease payments are now equity payments and will serve as a down payment.
You are at a crossroads where you may be kicked out at the end of your lease so protect yourself and see if you can turn your rent into ownership.
Just a suggestion and reminder.the bank is obligated to the rental/lease agreement....
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