Prime Properties Working Hard to Protect Tenants

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Dallas-based Prime Properties is working harder than ever to educate owners and tenants on their rights and responsibilities in case of foreclosure. Tenants are protected from losing their security deposits in these situations.

We want them to know that there may not be anything we can do about the foreclosure itself, but we will do everything we can to help. Their security deposit is held in trust at an FDIC insured bank, so they can feel safe knowing that.

Prime Properties, the leader in residential property management in the Southwest, is looking to protect the interest of the tenants that reside in homes under management. In the recent weeks, various news organizations have been focusing on the unfortunate events surrounding foreclosures and the unknowing victim, the tenant.

"Hobbyist investors and landlords don't take the time to read the law," said Prime Properties COO Kevin Martin. "We know that we have the best interest of our clients and their tenants by going above and beyond to protect everyone."

Prime Properties holds all security deposit funds in trust for the homeowner. Once notified that a home may be in danger of foreclosure, usually by a tenant who has been contacted by the bank, all monies are frozen. This keeps the homeowner in compliance with their lease agreement with the tenant: if the home forecloses, Prime Properties releases the security deposit funds back to the tenant. If the notification is in error, such as with an overlooked HOA payment, the tenant and the owner pick back up and move on.

Prime Properties President & CEO David Kadleck remarked, "All too often homeowners think that they can use those funds to pay their mortgages, but wind up underwater again. When contracting with a reputable property management company the homeowner makes a statement that they want to do things on-level, the right way."

Property managers at Prime Properties keep an open line of dialog with their clients, the homeowner and their tenants through the whole process. "We know that the tenant gets overlooked in these situations," said Director of Property Management, Charles Riska. "We want them to know that there may not be anything we can do about the foreclosure itself, but we will do everything we can to help. Their security deposit is held in trust at an FDIC insured bank, so they can feel safe knowing that."

Prime Properties is a Dallas-based property management company with locations in 5 Southwest Metro locations: Dallas-Ft. Worth, Austin, Oklahoma City, Tulsa and Baton Rouge/Lafayette. Prime Properties has been in business since 1986, and employs a staff with over 100 years combined management experience. With over $3 million in rent processed each month, Prime Properties leads the single family residential industry. Prime Properties is opening a branch in Phoenix in April 2009.

Contact: Layla Bush (214) 432-1967
http://www.primeprop.com

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Layla Bush

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