We have a rental property that used to be a primary residance. Our incomes are down and we are unable to make our payments. Our bank will not work with us on lowering our rate or refinancing. If we let the property go into foreclosure, can the bank come after rent paid or should we put the money aside in an escrow account?
1 Answer from Attorneys
Re: Rental Property
The bank could sue for a receiver to take control of the property and for a deficiency but that is not a guarantee. The bank does not have to, though, and it will depend on the bank
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