Legal Question in Real Estate Law in Minnesota

Rental Property

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?

Asked on 4/27/09, 9:53 pm

1 Answer from Attorneys

Daniel Reiff Reiff Law Office
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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

MY STANDARD DISCLAIMER: This is not intended to be legal advice or to create an attorney-client relationship. No attorney-client relationship is intended until you and I sign a retainer agreement.

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Answered on 4/27/09, 11:29 pm

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