[RPPTL LandTen] (no subject)

Thu Mar 3 09:00:05 PST 2011

Just a random thought...if the Lender is not going to "foreclose" the
tenant, then they are responsible for any security deposit which was posted
by Tenant, similar to an advance of taxes, etc. for the property, and add
same to any deficiency they may pursue...I am having this argument with a
Lender right now who did not foreclose out the tenant and wishes to "honor"
the Lease as it provides some cash flow..

Les H. Stevens, Esquire

Les H. Stevens, P.A.

5301 North Federal Highway

Suite 130

Boca Raton, Florida 33487

Tel. - (561) 989-9797

Fax - (561) 989-8484

E-Mail - lesstevens at earthlink.net

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From: landten-bounces at lists.flabarrpptl.org
[mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of harry at evict.com
Sent: Thursday, March 03, 2011 11:55 AM
To: 'RPPTL Landlord Tenant Committee'
Subject: Re: [RPPTL LandTen] (no subject)

My experience is that the lenders want absolutely nothing to do with the
security deposits. They won't accept them if you can even find them. 

I think the safest thing is for the money to go into the court registry and
then the tenant has to motion for the money out.  The property manager can
be forced to notify the tenant what he has done with the deposit. What
happens though if the tenant motions for the money out but still are living
there, possibly and usually in default?  In my experience, the banks could
care less. What happens if the foreclosure is dismissed but the tenant has
received the money back? 

I have hundreds of Realtor clients who have no clue what to do with the
deposits when the owner walks away, the property is in foreclosure or near
foreclosure, FREC will not give any guidance and they are put in really bad
situations as am I as I cannot give safe advice.  It is a daily problem for
me.

It is a burden on the tenant to get involved in a Circuit Court case with
all the people who may need to be notified of the motion but possibly this
can be combined with a notification process that tells the tenant how to
motion for the money.  I can't see the banks fighting for the money in most
cases.  They are a complete mess.

I have no answers.

Harry

LAW OFFICES OF 
HEIST, WEISSE & DAVIS, P.A.
PH: 1 800 253 8428
FAX: 1 800 367 9038
"Serving the Property Management Professional"
Website:  www.evict.com <http://www.evict.com/>  
Email: harry at evict.com

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From: landten-bounces at lists.flabarrpptl.org
[mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of Alberto M Cardet
Sent: Thursday, March 03, 2011 11:36 AM
To: 'RPPTL Landlord Tenant Committee'
Subject: Re: [RPPTL LandTen] (no subject)

83.49(10) gives the foreclosing lender the option of requiring the landlord
to turn over tenant deposits and advance rent to the lender rather than
depositing in the court registry.  Although, I think it is a bad idea, my
opinion is leave the monies in the Court Registry to maintain the status quo
and protect the money, I can foresee the following scenarios:

1.  Tenants who move during the pendency of the foreclosure will not get
their security deposits back from the landlord in the time frame provided by
the LL/T Act, because the lender is holding the money.  Foreclosure firms
that are notorious for lack of communication will force tenants to sue the
landlord or intervene in foreclosure to get deposits back.

2. Conversely, if the landlord makes claim on the security deposit or the
tenant, as sometimes happens, decides to use his security deposit as rent,
is the lender going to return the money to the landlord or use it to offset
the debt owed to the lender. 

3. What if Lender goes under or is taken over by FDIC, where is the money
then and how are security deposit claims or returns made.

I think if the lender is going to hold security deposits there must be some
obligation built in regarding the lender's obligation to maintain the money
safe, like their lawyer's trust account that has unlimited FDIC protection,
and how the money can either be claimed by the tenant or landlord.

From: landten-bounces at lists.flabarrpptl.org
[mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of Neil B. Shoter
Sent: Wednesday, March 02, 2011 11:34 PM
To: 'RPPTL Landlord Tenant Committee'
Cc: 'Law Offices of Scott A. Frank'
Subject: [RPPTL LandTen] (no subject)

Our Committee has been asked to provide comments with respect to the
attached proposed Bills.  Senate Bill 738 creates notice prerequisites prior
to termination of residential tenancies by a successor in interest by
foreclosure to harmonize with the Federal Protecting Tenants at Foreclosure
Act of 2009. 

 SB 784  modifies Section 83.49 relating to security deposits in event of
foreclosure and creating Section 83.683 dealing again with notification of
residential tenants prior to termination in foreclosure.  Note the sunset of
this law n 2013.

Please provide any specific comments on these bills by no later than end of
the day on Friday so that they may be passed onto our legislative committee.
You may give comments directly to our Co-Chair Scott Frank.

Thank you.

Neil

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Neil B. Shoter 
Partner / LEED Accredited Professional  

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