All Forum Posts by: Caryn Marion

The landlord will send the tenant a RORL (Right Of Redemption Letter) stating that the landlord accepts the payment but reserves its rights under the lease to recover the full amount owed and/or to recover possession of the rented property. In the residential eviction context in Virginia, Virginia Code § 55-248.34:1 requires the landlord to provide a RORL if the landlord wishes to accept partial payment of rent owed and still receive an order of possession for the property. Many judges will not permit eviction for non-payment of rent to proceed if a landlord has accepted partial payment from the tenant without sending a RORL. A landlord may also send a RORL to a tenant that is in non-monetary default of the lease if the landlord does not intend to take immediate action to enforce the lease, but wishes to reserve the right to take such action in the future. Ultimately, a court will decide whether the RORL effectively preserved the landlord’s rights.

Hey community. I'll try to make a long story short. We currently have 5 acres with an occupied mobile home that we owe $35k. We signed a contract with a local reputable builder for a new home in August. Base price of home is $207k, we've added $43k worth of upgrades. They referred us to a mortgage lender that sent our loan through as USDA (we're in a rural area). The loan was approved, so the builder submitted the permits, survey, appraisal, etc. (The USDA appraisal came in at $314k, (GREAT enough for the new mortgage & pay off the existing!)) When we were scheduled to have our pre-construction meeting, the builder called & said "we have a problem, call the lender". I called immediately. He said "so sorry, you guys will be over the income amount to qualify for this loan." WHAT?!?! How did he not project that?!?! He referred us to another lender. This lender has tried FHA (loan approved, but appraisal came in at $265k, too low for mortgage & payoff), USDA for the 2nd time, that would've paid off the land, but won't because of the mobile home. He tried conventional today and that came back as a risk because our scores are both in the 650/660 range. I'm at a loss. I emailed my bank today that holds the loan for the land combo to see if I can refinance to get the title of the mobile home in hand & just have it conform to a land loan. I asked about a co-signer, but that won't help because we have the income. Do any Lenders out here have ANY suggestions?

I agree with Kyle J., the late fee is very excessive. In the State of VA, 10% of the rental amount is what's held up in court, unless otherwise stated in the rental agreement. I see this a lot in court, tenants will be late at the end of the year, I assume to buy Christmas gifts because they know they have ONE right of redemption to use within the lease term. Meaning, a "free pass" if you will. If you send them a pay or quit notice and they don't pay, you go file an Unlawful Detainer to bring them to court for possession of the premises and back rent; as long as they pay EVERYTHING (ie: rent, late fees, the court costs and possible attorney fees) they're given a ROR (right of redemption). Check your local laws regarding Landlord / Tenant Acts to know exactly what your rights are. Good luck.