Home Buying in 60622>Question Details

a_uminga, Home Buyer in Georgetown, TX

On FHA Deed of Trust, Non-Uniform Covenant paragraph #17-Assignment of Rents, does this apply to a Residential home care at your home?

Asked by a_uminga, Georgetown, TX Wed Aug 7, 2013

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9
Definitely to residential properties
0 votes Thank Flag Link Thu Sep 26, 2013
Your Attorney should be able to advise you the best in this one!
0 votes Thank Flag Link Thu Sep 26, 2013
Great question for your attorney
0 votes Thank Flag Link Thu Aug 8, 2013
This sounds like a question for an attorney. My question to you is why would a Residential Home care person be paying rent? Wouldn't you make there living in the home part of the income received?
0 votes Thank Flag Link Thu Aug 8, 2013
Usually as long as you pay the mortgage you will not be bothered, BUT you should triple check the contract and talk to your attorney about your plans.
0 votes Thank Flag Link Wed Aug 7, 2013
I'm not a lawyer (my disclaimer), but if you read through the documents I interpret it to state that the assignment of rents applies when borrower fails to make the mortgage payments. If borrower fails to make monthly payments the lender has the right to collect the rents. This is to prevent borrower from being delinquent AND collecting rents on the secured property at the same time.

However, if you'd like to consult a lawyer, I suggest you contact Erik Miles at 312-854-8092 as his rates are reasonable.
0 votes Thank Flag Link Wed Aug 7, 2013
I would speak to your attorney on this. They can help.
0 votes Thank Flag Link Wed Aug 7, 2013
That's the perfect question for a real estate attorney .
0 votes Thank Flag Link Wed Aug 7, 2013
I would suggest going on the FHA web site and looking at the Frequently Asked Questions and also the Contact Us tab and ask the question directly to them. I feel that no real estate agent will able to satisfactorily answer this question.
0 votes Thank Flag Link Wed Aug 7, 2013
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