What impact does a foreclosure have on the terms fo a lease? Who gets the rent checks, the bank or the landlord?

Nouk Haschka
Agent
Edina, MN

Answers (2)
Aaron Dickinson...
Agent
Minneapolis, MN

I agree with Steele - the landlord gets rent so long as they still have title to the property, which is true until the Redemption Period is completed.

Sun Nov 1 2009, 17:21
Steele V. Propp
Agent
Minneapolis, MN
FIRST ANSWER

In theory the lender may have a cause of action to receive the rent checks but in reality I have never seen this option done. You would need to read the mortgage itself for the language pertaining to this.

In all cases I have seen (and I have been involved in literally hundreds of foreclosures over the past 18 years) as long as the landlord is still the legal owner of the property, they collect the rent.

Not an attorney and this is not legal advice.

Steele V. Propp
Certified Distressed Property Expert

Sun Nov 1 2009, 16:19

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