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Wood he
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Post subject: Rent collection |
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I have a judgement subsequent to a loan with assignments of rents. The borrower has defaulted and I am trying to collect rents. The tenant claims the rent is $300 instead of the $1200 that was in effect when the loan was made. Since my security is a Second Deed of Trust, I would have to pay off the 1st which is upside down. How do I prove what rent is being paid?
Rent is paid in cash. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
If you have any documents mentioning the rent payments, then it will considered as a proof.
Sussane |
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JustMe
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Post subject: who is the landlord? |
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I rent a building for my business... and my landlord is in forclosure. The lender presented me with the assignment of rents, and my rent, for the last two months, has been going to the bank.
My landlord is upset with the bank, and says that the bank isn't going to get any more money, and evicted me. My eviction wasn't written, it was simply a verbal demand.
My question... is who is my landlord? Can you point me to a document that states that my defaulted landlord cannot evict me? My attorney says that the court would not look favorably on his action... but that doesn't tell me who can legally evict me. Only that the one with the better arguement will win... |
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JustMe
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Post subject: who is the landlord? |
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| talking about Minnesota if that matters... |
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Niicss
Joined: 03 Oct 2005
Posts: 4834
Location: New Jersey
508.88 Dollars($)
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Post subject: |
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Well... I can't point out a document which states that the defaulted landlord can't evict you. But if you're making the payments to the lender, then the landlord will not be able to ask you to leave the property. You should contact the lender and have a word with him in this regard.
_________________
Good is the Enemy of Great. |
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JFMD
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Post subject: Assignment of Rent Clarification?! |
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I have been renting a condo for 3 years with the same landlord - we had a formal, written lease the first year and then went on a verbal agreement for the past 2 years. He has forclosed on another unit in our building 6 months ago, and today I received an Assignment of Rents notice from the Lenders attorney. I literally mailed out my rent check to my landlord yesterday, only to be informed by this notice to stop sending him any money. I promptly put a stop on the check (and also found out that he hasn't been paying the Lender for the last 6 months - despite my monthy, on time payments).
1. Do I really owe the Lender rent $?!
2. Since there is no binding lease agreement - what are my rights as a tenant?!
3. I never signed anything agreeing to "cover the rent" if the mortgager fails to pay - how is this legal?! You never hear about Bank of America going after John Doe Renter is the Smiths didn't pay their home mortgage.
4. To cover my own butt, since I did not receive any formal documentation other than a letter stating that "Under the Condidtions of the Deed of Trust" Should I request formal documents from the Lender / Attorney?
At this time - I"m not paying anyone, rather attempting to put the money in an escrow account. Good idea?
Thanks for all of your input! Much appreciated! |
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jameshogg
Joined: 20 Dec 2005
Posts: 10475
Location: Nevada
989.76 Dollars($)
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Hi JFMD,
If the lender has not received the payments, then you owe the rent to the lender. You should ask the attorney to return back the payments that you've made and you can pay it to the landlord. But as there is no binding lease agreement, the landlord may ask you to leave the property asap and you may not be liable for paying off the dues to the landlord.
You cannot be liable for the mortgage if your landlord is not paying so. If you wish, you can ask the landlord/attorney to offer you with the legal documents regarding the rent of the condo.
Thanks |
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sadinside
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Post subject: Inner family transfer - Assignment of Rents??? |
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| My father in law used an assignment of rents to sell us our home. Why would he use that ? Do we own the house or are we tenants? We put over $40k into this house just to make it habitable, it had been vacant for over 10 years! Now I don't know if we are just renters and he can take over the house at any time. We have never been late on a payment but he makes comments he can just take it from us... |
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jameshogg
Joined: 20 Dec 2005
Posts: 10475
Location: Nevada
989.76 Dollars($)
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Post subject: |
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Hi sadinside,
Well, assignment of rent can be defined as a written document which will help a person to transfer the right to collect rent to a mortgagee when the owner defaults on the mortgage payments. I will suggest you to read through the document carefully and check out what are the terms and conditions mentioned in it. You can even speak to a real estate attorney in this regard.
Thanks |
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katiekakes
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Post subject: Assignment of Rents |
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| I was checking my recorded deeds and found an assignment of rent deed almost 18 months after I purchased the property. I don't recall signing anything and have never rented the property. Can a lender just process a deed or document without my knowledge? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10475
Location: Nevada
989.76 Dollars($)
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Post subject: |
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Hi katiekakes,
As far as I know, the lender can't just process a deed or document without your knowledge. You can show the document to an attorney and take his opinion in this regard.
Thanks |
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Greek
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Post subject: RE: Forclosure by second |
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| If your second forcloses but your first doesnt, can he get an unlawful detainer against you if your still responsible for the first & the first is still dealing only with you? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi Greek!
Welcome to forums!
If the second lender forecloses the property, then he will be liable to pay off the first mortgage lender in full. Normally, the second mortgage lenders don't foreclose the property. Rather, they charge off the loan and assign it to a collection agency who in turn will contact you and try to get back the payments.
Feel free to ask if you've further queries.
Sussane |
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