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08-26-2007, 04:57 PM
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You can collect rent up to the foreclosure. After the actual foreclosure, you will no longer own the property, and would no longer be legally able to collect rent.
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08-26-2007, 06:20 PM
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Yes, you can continue to collect the rent until the foreclosure process is completed and title changes. Once you lose title to the property you are not due any rental payments.
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08-26-2007, 09:53 PM
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collect them as long as you owned the property ..
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08-28-2007, 10:58 AM
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Actually
You want to check your mortgage or trust deed as it may contain whats called an "Assignment of Rents" clause. If it does the mortgage company can demand that all rents be paid to them once it defaults.
Im almost positive all FHA contain this clause and a lot of other programs are starting to add them. From a lenders perspective why wouldnt you do this, it protects against equity skimming. Which is a 2nd issue you want to be careful of. LOTS of people have been getting in big trouble because they con homeowners into signing over the house and then they skim the rent off till it goes to auction, this is Illegal in almost every state now. |
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