landlord says he hasn’t made payments tobank for 3 months–in over his head. should i tell him to use my security for january 1 rent so i won’t lose my deposit? will bank give it to new owners if they foreclose and auction? i will need $ for new security deposit if i have to move.
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He should have that in a seperate account, i dont know if bank can take it or not. post back your state so that any lawyers in that area can better answer you.
The next owner must honor your lease, and that includes the security deposit even if they didn’t collect it from your landlord during the foreclosure process. Your security deposit is safe.
The only exception to this is if your current landlord returns your security deposit to you, either in cash or in lieu of rent. In that case, the new owner (bank, investor, private party, whomever) will be within their rights to receive a new security deposit from you if they wish.
Your security deposit transfers with the sale of the property. The new owners would be responsible for payment of the deposit.