AboutHeather Expertise I can offer information about pre-foreclosures, foreclosures, short sales and high rise projects in the Las Vegas area. I can also assist with financing questions, especially involving investors.
Experience I have been in the real estate industry since 1990, and 4 years in Las Vegas. I am also a licensed loan agent in Nevada.
Education/Credentials BA in Liberal Studies from CSU Northridge
Licensed Realtor
Question Hi Heather,
I just finished my lease in an apartment building that has been foreclosed, and I am trying to get my security deposit back. I talked to the company that owned the apartment building and they said they no longer had any responsibilities because the bank now owns the property. And when I asked the bank, they said the company still owns the property and they are responsible for my deposit. I researched and found that Indiana has a state law requiring the owner at the time the lease ends to pay back the deposit, but I'm not sure who that is. I need help understanding the foreclosure process and possibly who owes the deposit, can you help me? Thanks!
Answer Hi Hollis -
I wish I had a better answer for you but you are caught in the middle and not likely to get your deposit back.
If the bank has foreclosed on the property, they now own it. But the bank is not under obligation to return your deposit because they didn't receive it in the first place.
The owner will still be the one to return your deposit, but chances are they are losing the property because they don't have any money or assets. You could try and sue the owner for the deposit (whether or not they still own the property) but chances are they don't have the money anyway.
We have the same law in Nevada that the landlord/owner must return your deposit after you conclude the lease if you give notice, etc. But doesn't address the issue if the property is foreclosed on.
So you have two choices: Sue the company in small claims court that owned the property when you lease it. Or, realize you probably won't get your deposit back and move on.
This is a common problem in this current real estate market. I wish you had more options, but that's about it.
Good luck on what ever you decide.
Heather Peck
Rosen & Company West
702-595-7380
www.HeatherSellsVegas.com
LasVegasExpert@yahoo.com
