Rental assignments
This is a discussion on Rental assignments within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; In her divorce settlement, my daughter was awarded the right, title and interest in the parties' rental duplex. She was ...
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In her divorce settlement, my daughter was awarded the right, title and interest in the parties' rental duplex. She was given 12 mos. to refinance and remove her ex's name from the note. Until that happens, they will continue to own the property together as Tenants in Common. In the meantime, he requested the following verbage in the MSA.
"Wife shall arrange for an assignment of rents with the bank, so that all rents are paid directly to the lender to cover the monthly mortgage and escrowed taxes." Her lender says they don't have any way of complying with this request??? and they are not interesting in getting involved. Can anyone tell me how this is even possible? and if it is, how is she to know the renters actually made the payments? and what becomes of the portion of the rent that is in excess of the mortgage? He's threatening to haul her in on comtempt charges if she doesn't comply! |
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