What are a tenants rights during a foreclosure? Are we not entitled to get are deposits back? Even if we have to leave before the lease is up?
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What are a tenants rights during a foreclosure? Are we not entitled to get are deposits back? Even if we have to leave before the lease is up?
Yes you are entitled to your deposits back. The owner should transfer any deposit monies held for the property to the new owner. However, if the owner is losing the property to foreclosure, and he wasn't required to place your security deposit in an escrow account, you may have to sue the new owner to get back your deposit.
In a foreclosure, as sonn as the property changes hands your lease is terminated and you have to vacate.
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