Real Estate Law
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Apparently the bank has been working with the couple (collecting interest only, which I think is illegal in KS) to sell the house since August. The bank has a buyer and the buyer wants to get into the home as soon as possible. The bank wants that too as the couple is behind on their payments and every day the house does not sell means more money the couple owes to the bank.
I believe the couple will default since they defaulted and were contacted by our attorney in January/February for missing the December and January payments and now they have missed the deadline for this month's (October) payment.
Would you clarify this statement for me? It is part of the promisory note.
"In the event of default on this Note, and pursuant to KSA 58-2343, Borrower irrevocably assigns, transfers and sets over to Noteholder, their heirs and assigns, any and all or any part of any rents, issues, profits and income arising from the real estate herein described. Noteholder shall have the right to use such measures deemed necessay to enforce payment of said sums and to fill any vacancies and to rent, lease and let the property or any part thereof."
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