Tenants Together, the statewide renters organization in California, has issued a new report on the eviction policies of banks after foreclosing on tenant-occupied properties. As the five of you who read this blog are all-too-well-aware, this is one of my big issues. The report is very short, with only one comma splice that I've found so far, but I was particularly entertained by fact that banks admit to violating the law--in writing yet. I mean, what part of "it's the law" don't they understand?
DeutscheBank, fore instance, doesn't believe the law applies to them at all. Uh, you do business in the United States, so you have to comply with state and local laws. It's not an issue, but a fact. Neither Wells Fargo nor Citibank believe that they have to return security deposits to tenants. Oh, yes, you do--it's the law. Bank of America and One West didn't even bother to reply.
Perhaps our State Legislature should take action, spelling out in very simple language what the banks are required to do under existing law (they could make the laws a little better, but that's another issue), and require that the Notice of Default be mailed to all properties, along with an explanation of the bank's obligations once the property has been foreclosed. Dreaming, I know, but it could happen.