Foreclosure in Las Vegas>Question Details

Kais458, Home Buyer in Las Vegas, NV

I'm a tenant in a condo, its been foreclosed upon. What can I do?

Asked by Kais458, Las Vegas, NV Sat May 31, 2014

I am a tenant with a lease here in Las Vegas, I just received notice from my property management company that they were no longer managing my property. They also said my security deposit would be forwarded to me. That was on the 16th. In addition to my security deposit; $2,000, I also prepaid rent a month early $1,000. So I'm a month "early" in my rent payments. That way, if I didn't make a payment for May, I'd still be up-to-date on my rent.

The new owner is the mortgage company. I've tried to contact them and find out whats going on, but they haven't responded to my email or calls.

My lease expires at the end of June.

I haven't gotten my security deposit. I have no idea about my last month's rent.. So what am I supposed to do? I want to extend the lease (its in a really good location) but I also have a house I'm closing on (I was going to rent it out) by the end of June as well.

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Answers

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Your lease is good and will remain in full effect through the end of June as long as your payments are current, even though the property has been foreclosed upon. If you have already paid up a month in advance, I would not make a June 1st payment since you don't know if the mortgage company will allow you to remain in the condo and what your chances of getting a refund on any prepaid rent would be.

You should probably contact the property management company about your security deposit, however. Hopefully they still have control of the money and never turned it over to the owner that was foreclosed upon. Usually they don't refund the security deposit until the tenant vacates the property, but this could be an exception.

My best advice would be, if you cannot contact the mortgage company in the next week or so and arrange for a new lease, plan on moving and start to look for another place. Better to take that bull by the horns rather than risk being homeless or having to move into a place you don't really like!

Hope this helps!

Diann Tonnesen
Berkshire Hathaway HomeServices
sold@GreatLasVegasHomes.com
702-985-7654

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
1 vote Thank Flag Link Sun Jun 1, 2014
It could be they the owner of the house sold it or they are just changing management company,I don't see why they are sending you your deposit, if they are transferring management companies the deposit goes to the new company, unless your already moved out of your rental. By law they have up to 30 days to return and account for your deposit.
I will suggest to keep your lease agreement handy and your last month receipt, chances are that they will contact you and at that point they new mortgage might even ask you to sign a new lease.
1 vote Thank Flag Link Sun Jun 1, 2014
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