Wednesday, January 13th, 2010 at
11:12 am
In an effort to avoid foreclosure we decided to short sell our home. The investor who bought the bank loan, placed it in a land trust. He then was selling the home to a buyer (for profit) and thought the transaction was going faster than expected so we needed to move out to accommodate the buyer…we found a rental to move into. Fifty days have since passed, the original transaction has not recorded, and the “proposed” new buyer has been living in the property free from any payments! Had we known it would take this long, we would’ve remained in the property instead of paying $1500 a month to rent. We feel that we are at risk with her being there and the property still being in our name. With that said, can we collect rent from her?
Passive Income