December 3rd, 2009
Can I collect rent during a short sale of my property in California?
In an effort to avoid foreclosure we decided to short sell our home. The investor who bought the bank loan, placed it in a land trust. He then was selling the home to a buyer (for profit) and thought the transaction was going faster than expected so we needed to move out to accommodate the buyer…we found a rental to move into. Fifty days have since passed, the original transaction has not recorded, and the “proposed” new buyer has been living in the property free from any payments! Had we known it would take this long, we would’ve remained in the property instead of paying $1500 a month to rent. We feel that we are at risk with her being there and the property still being in our name. With that said, can we collect rent from her?
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Filed under: Rent Property
ask a realtor about these questions
It title to the property is still in your name then you are entitled to occupy or rent unless specifically prohibited. If the investor has recorded title then he gets the rent and occupancy, unless otherwise specified in your agreement.
Your original mortgage papers said that you would not collect rent without sending it to the mortgage company; in the event that you were unable to make the monthly mortgage payments. Collecting the rents is called “skimming”. So you are correct, you should not have moved out. And you should not have allowed the buyers to move in. The bank will be happy if you try to collect some money and send it to them. They will sometimes reward you for your cooperation. Contact them..