Must I complete a "Verification of Rent/Mortgage" a lender sent regarding one of my apartment tenants.

Question

One of the tenants in a California triplex building I own wants to buy a house and applied for a mortgage loan. Currently he is witholding rent due to an alleged maintenance issue. The lender sent me a "Verification or Rent/Mortage" form. Is there any legal requirement requiring me to complete the form?

Answer 1

you are within your rights as the landlord/owner to NOT sign it until the rent is paid. if you wish to resolve this matter quickly, simply tell your tenant either pay the rent he owes or you will write down on the VOR that he was late paying his rent on time for that month. rather than risk this, he will most likely pay the rent and settle quickly. It's quite a hassle to go through all the paperwork and such for loans so if he balks on this then he will be set back for awhile. definitely won't like you anymore but you do what you need to in order to make everything kosher.

Answer 2

The loan will close without it. However, this is your last opportunity to collect your money. Let him sue you in court if he wants his rent money back. That form could put the whole transaction into jeopardy if you say that you have not received on time payments from this tenant it's the equivalent of a late car note or credit card and the applicant will most likely have to supply a stellar letter of explain describing the mitigating circumstance/ and or be forced to pay up before getting the loan. This is with a conventional lender. The underwriting department is looking for some juicy stuff like this to break the deal.

Answer 3

Here is the laws of California on landlord tenant rights put information on Mortgages Loans and much more...legal resources and a chat room concerning these issue's.

Here's another where you can chat live free with a lawyer.
http://www.lawyers.com

Answer 4

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Answer 5

Of course not!! Until they serve papers on your ornery, bitter azz. I agree with Mel, take care of the maintenance issue, should have done that a.s.a.p.!! and, YES!! As Stinger mentioned, there is a moral duty as well. Work on your integrity. You would be amazed how much your life will change in a more positive way.

Answer 6

No, you do not. but if this get's this potential problem tenant out of your hair, then help him out.
He may sue you for the information. You do not want him to use your refusal to provide info. against you in court. It will look as thou you are bieng vengful for his claim of witholding rent due to maintenance issues.

Answer 7

Absolutely if this is part of the terms of the loan. The lender want to ensure that your cash flow can service your debit. Good luck.

Answer 8

Don't think there's any laws on the books that says you must, but morally you should do the right thing and fill it out. would you want someone else to screw you out of living your life? the other issue has nothing to do with the form and what they're trying to do.

Answer 9

No, there is no reason whatsoever for you to complete the form. The renter should have asked you to do it, but I know of no law in which you are required to complete it. Call a lawyer in your area to be sure.

Answer 10

Fix the maintenance issue you deadbeat landlord!