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    Renting & Real Estate

    Question

    What to do if your renting and the home is being foreclosed on?
    We are currently renting a home in Texas. We are renting from a property management company. The first company we initially rented from, had a property we chose that foreclosed on back in October '06. They moved us to another one of their properties. In March the company broke up and we got another property management company that is taking care of the home. We are know being foreclosed on in this home. The new company is refusing to give us our last month and deposit back (which we paid up front), because they did not receive those funds from the previous property managers--not my problem. I need to know how I can get all of my money back and what I should do. The house is set to be taken over by the bank June 5th, 2007, and my lease actually ends June 30th, 2007. Thanks for the help
    a few seconds ago 3 Answers

    Best Answer

    take them to court plain and simple in the mean time get ready to move once again
    a few seconds ago

    Other Answers

    • Firstly, any entity that takes over ownership of a property is responsible for all of the lease obligations pertaining to the previous owner. That means that the present ownership does not have a valid excuse for sitting on deposit or other funds owed you; inform them that immediate payment is required or you will sue. (In small claims court, the case is a slam dunk.) Also by this rule, the bank will take over any of the present owner's obligations that exist on 6/5, so your lease remains valid; if you wish to stay in the place, talk to the bank. In fact, talk to them anyway, as they will want to know what your plans are. (If you really like the place, they might sell it to you on reasonable terms; no bank likes to be the owner of foreclosed property.) The present owner is entitled to rent payment by the terms of the lease, presumably on June 1; if you choose to deduct any sums owed you from that payment, the worst that can happen is that he sues for eviction, but (1) you can defend such a suit with good chance of success, based on the foregoing; (2) the time required will probably be long enough that the lease will be over before an eviction could take place even if you lost.

      by rhsaunders - 8 hours ago

    • Long ago I was notified by phone a month notice the owners were being foreclosed on, anyway we just moved. He did sell it and was lying. but people are usally reasonable, if not you will have a judgement in small claims court.

      by kim - 8 hours ago

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