If my rental is going into foreclosure mid-month, how do I prevent loss of1/2 month’s rent?
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If my rental is going into foreclosure mid-month, how do I prevent loss of1/2 month’s rent?
The condo I am renting is going to cash sale in the middle of the rental month. If I am by law supposed to continue paying rent until the foreclosure, how do prevent over paying the previous owner, since I would usually pay the full month’s amount on the first day of the month? Is it legally within my rights to prorate the amount according to the date of the cash sale? Then pay the new owner the month’s remaining balance? I am confident I will be loosing my security deposit already and do not want to pay for the second half of the month twice.
Asked on February 17, 2012 under Real Estate Law, Tennessee
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you believe that you will lose your security deposit due to the pending foreclosure sale of the rental that you occupy, the best way to protect yourself would be to do the following:
1. write the landlord a letter setting forth your concerns about the foreclosure where your believe that your security deposit is at risk and ask him or her to apply the security deposit in hand to the upcoming month's rental. Keep a copy of the letter for future reference. Reference a pro-ration of the security deposit as well as to the slated date for the foreclosure sale.
In the letter advise your current landlord that but for the upcoming foreclosure sale you would have sent a rental payment but you have concerns about getting your security deposit back from the landlord if the home is foreclosed upon.
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