is past owner responsible to repay security deposit?

[youngalky]

What is the name of your state? CA

After losing an investment property to foreclosure, I've now been told that I am responsible to repay the tenants their security deposits. Nobody bid on the property at auction and it went back to the bank. Is the bank now responsible or am I?

 

[BL]

What is the name of your state? CA

After losing an investment property to foreclosure, I've now been told that I am responsible to repay the tenants their security deposits. Nobody bid on the property at auction and it went back to the bank. Is the bank now responsible or am I?

Were you holding the Deposit as per State Laws ?

It would appear you are responsible , as this wasn't a sale from one owner to the other , but rather a foreclosure .

I'm sure , you didn't turn the deposit over to some other person on the title , did you ?