I am a Property manager at this apartment going on foreclosure next December 2nd, what could happen?
In the event of foreclosure , do the bank will continue on or utilities will be shut -off ?? WAMU is the lender.
Real Estate Professionals
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Tags: Apartment, Foreclosure, Wamu
Apartment Repossession | admin, 31 May 10
By glenn, June 1, 2010 @ 11:35 pm
Normally the bank can legally cancel all leases and all employment contracts including property management. They can also cut off utilities.
In the case of an apartment it is not in the banks best interest to do most of those things. They normally want good tenants to remain. They may have an agreement with a different company to do the property management though.