Cornerstone Property Management

Posted in the Rancho Cucamonga Forum

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chuck concha

Rancho Cucamonga, CA

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#1
Jul 15, 2009
 
Tom, what do you do when a tenant stops paying rent because you're in a loan modification and they've had people stop by and say the house has been sold? This is not true and your name is still on the deed but they feel that you've cheated them. I told them that they signed an agreement with me not the bank so they're still responsible for the rent. What are your thoughts on this?
laura

Salinas, CA

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#2
Mar 17, 2011
 
chuck concha wrote:
Tom, what do you do when a tenant stops paying rent because you're in a loan modification and they've had people stop by and say the house has been sold? This is not true and your name is still on the deed but they feel that you've cheated them. I told them that they signed an agreement with me not the bank so they're still responsible for the rent. What are your thoughts on this?
No, Why should your tenants continue to pay rent even though you are going through a modification loan. This so call modification loan is not a for sure thing. Yet, your tenants might be out on the streets if the bank decides to place a lock on your door. I am assuming that you have not been making your payments so why should your tenants. Also it seems that you have not been honest to your tenants and that is not right... Maybe you should sit down with your tenants and decide what is best for both parties... I mean why should you be collecting money when you don't know if your keeping the home... NOT FAIR NOT AT ALL>>>

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