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Can I get my full deposit back?

Hi, I just received a notice on my door about the rental I'm currently in going into foreclosure. I contacted my renting agency/ landlord and they informed me that they are short selling the home for the owners or whatever. However, what annoys me is that this landlord/realty agency is doing the short sell for the owners of this home that  I've been in and have been paying rent on time for, but they didnt inform me that the home was going through a short sale or the loan on the home was in default. I want to leave this home and this realty company, but my lease is up in Sept. Am I obilgated to stay in this rental even though it is going through this short sale process or can i choose to end my lease and get all my refundable deposits back??
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June 17 2013 - Las Vegas
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Answers (3)

Its a good idea to start a dialogue, through email, with your management company and see if you can work out a compromise. The sellers are obviously in distress, but may not be making payments at this point. I'd ask them if they're willing to reduce your monthly rent which will allow you to save up a better deposit (or just a rainy day fund) when the property sells. In all likelihood, the new owner may want you to stay, especially if you're a good tenant that pays their rent on-time. The current rental market, however, is saturated with available homes and you'd likely find something comparable to what you're in right now for less rent per month.
If you're trying to get out of your lease, you'll need to contact an attorney for advise about what cause you have to terminate the lease and what, if any, recourse you have to get out of the lease with your deposit(s). Best of luck!
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June 17 2013
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Leases survive the short sale process.  In most states they are not obliged to tell the renter if a home is going for short sale nor if the loan is in default.  (If you skip paying rent, you lose all your rights except for the laws about eviction process.)   Pull up the Nevada landlord/tenant guide and you may be able to find a hot line number to call for advice in your state.   
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June 17 2013

Be careful asking for legal advice online.  If you are truly concerned about an issue I suggest you spend $100 on a half hour with an attorney. 

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June 17 2013
 
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