Landlords Can Collect Rent Even When the Rental Property Is In Foreclosure
Many tenants use a pending foreclosure as an excuse not to pay the monthly rent. This is a direct violation of their rental agreement and a landlord has the right to pursue collection of these funds. Although you may not be making the monthly mortgage payment, when you permit someone to live in property you own, you assume a great amount of liability for all incidents occurring on your property. Your rental unit also incurs wear and tear from the tenants use and enjoyment of your facilities. Also, a landlord who is not paying the mortgage still has the responsibility of maintaining the habitability and safety of the premises for your tenants so long as they are the owners of the property. This maintenance and liability has an economic cost to the landlord that is compensated for by the monthly rent received from the tenant. Landlords who are unable to collect rent during foreclosure are paying these maintenance and liability costs with no ability to recoup their losses. Kristy Hernandez has a strong background in foreclosure and has a deep understanding of landlords facing these circumstances. Usually landlords in foreclosure have substantial debt and cannot afford to be out of pocket any additional expenses, nor can they afford to lose rental income. If you have a rental property that is in foreclosure and your tenant has stopped paying, you are an good candidate for rent collection help. The Law Offices of Kristy Hernandez has an excellent track record of assisting landlords in foreclosure with collecting the rent up until the time that the foreclosure takes place.