What happens after foreclosure of a multi family real estate property?

In General Area - Asked by Mandiga R. - Oct 11, 2010
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Answer(s)

Karyn H.
Broker/Agent
Monroe, NY

In NY, in a tennant situation, in many instances the bank then takes over the responsibilities of the landlord. The tenants usually pay the rent to either the bank itself or an appointed property managemnt company. The Tenants can continue living in the rented property until the property is sold then they would have to fufill the requirements of the new landlord.

Oct 12, 2010
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Glen W.
Lender/Mortgage Broker
Atlanta, GA

it depends on the state. Fairview Lending is a hard money lender and we handle each property differently. For a private lender, they might opt to hold the property and continue to manage it. For a traditional bank, they will likely try to sell the property as soon as possible. In the interim, the lender will exercise their assignment of rents and collect

Dec 12, 2010
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