Legal Question in Real Estate Law in Florida

I recently defaulted on my loan and got a modification. The home was recently rented and because we dont live there we got a modification. Right now we receive about $1400 in rent with a $1041 payment. The loan service sent me a Rider assignment of rents. I currently pay for my mortgage with the rent money. Is it true they will take over the property management which I currently pay one? We will be moving back in the house in the next few months which will make it difficult if the banks property manager is going to have tenants in our house. Is there other options?


Asked on 10/16/12, 2:35 pm

1 Answer from Attorneys
Kelly Greene Kelly A. Greene P.A.

They can't do it unless you sign the rider. You are the owner of the home. If you were not making the modification payments then they would have a right to the rent. But since you are paying on the contract you have with them, the modification, they are not entitled to anything more than the amount they agreed to in the modification. Don't sign the rider, and continue to make payments. If they cancel the modification, which they can't do but which they often do against the HAMP program rules, then see an attorney.

On a side note, I am surprised that they sent a rider as there is usually a paragraph in the mortgage that assigns rents anyways.

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Answered on 11/27/12, 10:31 am


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