Deposit and property manager after foreclosure (leases, tenant, eviction, bankrupt)

[lora01oh]

The condo I rent sold at foreclosure auction last Tuesday. I am waiting for contact from the new owner (Bank of America). I am a month to month tenant in Florida.

The property manager (small time realtor/friend of owner) has my deposit in escrow. He claims to be surprised by the foreclosure sale and thinks that by contacting BofA that he will remain property manager. How often does that happen? I was under the impression that BofA doesn't want to deal with tenants.

Title to the property should switch over by the end of this week and I expect the eviction process to start at that point. I was told by a scout for the broker prior to the auction that I would have to be out pretty quickly but have since found out that I should be given 90 days. I really only need about 20.

Two questions:

The person to whom I paid my deposit no longer owns the unit. He is not entitled to a walk through or to have any further say in what happens here. How do I get my deposit from him? He told me it is in an escrow account so I know he has it.

Has anyone dealt with a cash for keys situation? The scout alluded that his client would be willing to pay me to leave in a timely manner.

On another note, I am glad that I was able to do the research involved in dealing with this situation and feel very sorry for people who go through this.

Thank you for your time!

[markjessing]

In 2009 a law was passed that through the end of 2014 the bank must honor existing leases up to a maximum of 90 days after foreclosure. In your case, you have a month to month, so they must give you a months notice to move out. Here is the link to the law:

http://www.occ.gov/publications/publ...dbook/ptfa.pdf

If the old landlord files you on his bankruptsy, you may not get the deposit back. I would ask him to send it to you now or if you could simply skip a months rent, since he will not own the property when you move out.

[~Pajama mama~]

Originally Posted by lora01oh

The condo I rent sold at foreclosure auction last Tuesday. I am waiting for contact from the new owner (Bank of America). I am a month to month tenant in Florida.

The property manager (small time realtor/friend of owner) has my deposit in escrow. He claims to be surprised by the foreclosure sale and thinks that by contacting BofA that he will remain property manager. How often does that happen? I was under the impression that BofA doesn't want to deal with tenants.

Title to the property should switch over by the end of this week and I expect the eviction process to start at that point. I was told by a scout for the broker prior to the auction that I would have to be out pretty quickly but have since found out that I should be given 90 days. I really only need about 20.

Two questions:

The person to whom I paid my deposit no longer owns the unit. He is not entitled to a walk through or to have any further say in what happens here. How do I get my deposit from him? He told me it is in an escrow account so I know he has it.

Has anyone dealt with a cash for keys situation? The scout alluded that his client would be willing to pay me to leave in a timely manner.

On another note, I am glad that I was able to do the research involved in dealing with this situation and feel very sorry for people who go through this.

Thank you for your time!

On a month to month you are still entitled to 90 days notice. Now..they obviously want you out sooner if they mentioned cash for keys. So try to negotiate for CFK since you only need 20.. Could be a great boost of funds for you.