Rental Basics in Albany>Question Details

Workerbee, Other/Just Looking in Albany, NY

My landlord is collecting rent on my apartment not paying her mortgage...

Asked by Workerbee, Albany, NY Tue Aug 18, 2009

She is at the same time trying to sell the house. Can she do that? And what happens to my security deposit if she does manage to sell the house and the new homeowners want me to move?

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You might want to start thinking of purchasing your own place so you would not have to deal with this kind of thing if you like for me to show you what your financing options are my cell number is 516-233-4842 and my email
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0 votes Thank Flag Link Wed Apr 28, 2010
I would say that if the property owner goes into foreclosure or bankruptcy you would lose your security deposit.
I believe there is a lawyer service where you can phone one Wednesday night per month and you can talk to a lawyer for free. Google it. (For example, you can ask if there is any way you can take your security deposit back from your landlord and put it in an escrow account, so that you will not lose it, if your landlord goes into foreclosure or declares bankruptcy? If you are concerned about that happening).

(Let me know if you need an explanation of an escrow acc't).
0 votes Thank Flag Link Tue Dec 1, 2009
Do you have a lease? If you do, then you don't have to move till your lease is up. At that time, the new owner would return your security deposit. The owner of the property can collect the rent and sell the property and yes, even not pay the mortgage. Is the house being sold as a "Short Sale"? If so, the seller could be having financial issues and can't pay the mortgage. It's hard to give you info without knowing the whole story. Good luck to you.
0 votes Thank Flag Link Wed Oct 7, 2009
Your Security Deposit Should Be Transfered To The New Owners At The Closing. Its Pretty Standard. The Lawyer Closing The Transaction Will Handle This. If you have a lease you should be safe. The new owners have to honor the lease.
0 votes Thank Flag Link Thu Oct 1, 2009
Yes, she can do whatever she wants with the money.

Your security deposit will be transfered to the new owners at the closing (if it sells)

Some banks offer CASH FOR KEYS which is a program to help renters of foreclosed properties to find new housing... They give you first and last months rent or a set amount to get you out of the building and into another one.

If you need help locating a new rental contact me anytime!!!

Clair F Bee II
Keller Williams Realty Capital District
Web Reference: Http://
0 votes Thank Flag Link Mon Sep 21, 2009
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