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I have not paid my mortgage on a n investment property in 6…

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I have not paid my...
I have not paid my mortgage on a n investment property in 6 months. I was served papers on 12/24/09. They now sent a letter to all my tenant telling them to sent the rent to them. Don't I Still own the property and should get the rents?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 3 hours by:
1/1/2010
Real Estate Lawyer: Legalease, Lawyer replied 8 years ago
Legalease
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 16,440
Experience: 13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
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Hello. You should go back and read your mortgage(s) and any other paperwork you executed at the time you purchased these properties. In these documents is "assignment of leases" language -- which gives the lender the right to collect the rents directly from the tenants after an event of default has occurred in the mortgages (it appears that your default paperwork was sent to you on 12/24). The lender does not have to foreclose or go to court to do this -- they simply have to declare the loans in default. This is common in commercial loans where there are tenants leasing the property, but sometimes borrowers miss the language when reviewing the paperwork in the excitement of the initial closing.

 

I know this is not very welcome news, but at least you know why the lender can do this now.

 

GOOD LUCK

 

Please press the GREEN ACCEPT BUTTON so I will be paid for my time.

 

THANK YOU !



Edited by Mary Meaden Esq on 1/1/2010 at 12:26 PM EST
Legalease
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 16,440
Experience: 13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
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