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Updated over 8 years ago,

User Stats

185
Posts
57
Votes
Katrina P.
  • Investor
  • Randallstown, MD
57
Votes |
185
Posts

Purchaser defaulted on LC pymts; can I collect rent from tenants?

Katrina P.
  • Investor
  • Randallstown, MD
Posted

Hi BP Family,

So, I'm in a bit of a sticky situation.  I sold a property on Land Contract (in Michigan), and the purchaser defaulted on payments one month after signing the LC.  It's been a long time  (so long it's too embarrassing to say), and now I am going through the forfeiture of LC proceedings.  I also have to pay back taxes for the last 5 years before the county gets the house.  I have been in touch with the current tenants, who the delinquent purchaser has leased to.  They are willing to redirect their payments to me, since they know I am regaining ownership of the property.  It can take up to 4 months for this to happen.  My question is can I redirect their rental payments to me since he has completely disregarded his responsibilities, and I am regaining ownership?  What's the risk for me and the tenants?  I know this is a legal question, but any input is appreciated

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