who pays security deposit in foreclosed rental property

By maglib

My Parents 83 & 85 rented a condo signing a one year lease plus paying a $2500 Security deposit.  My parents gave 30 day notice of leaving in writing as per the signed lease after one year.  One month before this my parents found out that the property had been foreclosed and a new management co. was appointed by the bank.  My parents paid the rent early every month and took outstanding care of the condo.  The new management co upon receiving the 30 day notice set a date for inspection. 

The agent met my brother and agreeded the property was in outstanding condition. They called me in another state to verify Mom and Dad’s new address at assisted living.  I spoke to "Jim" new management.  This took place this last Oct.31, 2010. 

 Early Dec. I telephoned "Jim" to find out when Mom and Dad would receive their $2500 dollars.  He said that they would receive it as soon as the bank said which account the money should come from.  Early Jan., I called "Jim"  he said to tell Mom and Dad not to worry that they were due their money and there was not any reason they should not receive it.  In Feb., I again telephoned and once again was assured if we were patient that they would get the deposit money. 

 I wrote to the Managment Co. in C/O of "Jim"  early March.  Saying we had been patient and that something need to be done.  "Jim" telephoned me and said he was still working on it.  First of April " Jim" called me and said the main office said they could not pay because the orginal owner did not turn over the deposit money.  that I need to contact them.  "Jim" sent me a letter stating that he had mislead me and that he thought they would be the ones paying but he was informed that they were not responsible.  He included the name, address, and phone number of the first owner for me to contact. 

April 7, I sent him a certified letter stating the above to the first owner.  I reminded him of Moms fear of losing the the deposit when she turned over the $2500. (a large portion of her savings).  She was verbally assured , plus a signed lease that the money would be returned if she lived up to the lease.  I telephoned the first owner, who was not in the office.  I left a message for him to call.  10 days since that call have gone by.  Today, I mailed a second letter asking him for a response. 

My parents cannot afford an attorney, so I am at a loss as to how to help them.  I am not sure who is responsible for the return of the deposit.  Any suggestions would be most appreciated.   Thank you.

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