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1-4 Family Rider (assignment of rents)

Posted on: 20th Oct, 2009 07:27 am
I was wondering if someone could tell me if the 1-4 Family Rider (assignment of rents) is a required form for a loan modification is this a form that the loan modification program requires on a single family home with no rental income or property, or is this just a form that the lender may require and is not needed to process the loan and can be omitted from the documents if the lender agrees? My concern of the form is not the rental assignment we do not have any rental income and this is a single family home. My concern is more paragraph A, Additional Property Subject to the Security Instrument. especially the line.... property including but not limited to.. this is very vague. Can a paragraph be deleted from a rider? Thank you.
Hi julie,

As far as I know, a paragraph cannot be deleted from the 1-4 Family Rider simply because you feel the line is vague. You can contact an attorney and ask him to explain the clauses of 1-4 Family Rider to you.

Thanks
Posted on: 20th Oct, 2009 10:51 pm
If a tenant is presented with this 1-4 Family Rider stating that rents are to be paid to the Lender now instead of the Landlord that they've been paying how can the Tenant be sure which way to go? My Landlord just stopped coming by to pick up rent and then the so called Lender of the loan (not bank) came to the property stating that my Landlord hasn't been paying the mortgage or loan and he wants to create a new lease with me.
Posted on: 02nd Nov, 2009 02:53 am
Hi Quarry,

Your question has been replied to in this given page:
http://www.mortgagefit.com/problems/rider-assignment-rent.html

Take a look at it. I hope it will help you.
Posted on: 02nd Nov, 2009 08:50 pm
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