Sentences with phrase «landlord defaults on the mortgage»
The lender can agree to honor the terms of the lease even if the landlord defaults on the mortgage, so long as the tenant remains current on their rental payments.
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In other words, if the landlord defaults on its mortgage and the lender forecloses, the lender has the right to terminate the lease and evict the tenant.
Not exact matches
Albert takes Joey on as his horse and friend, training him to be able to save his father from defaulting on his mortgage to their landlord... but against all odds the stallion does it.
It is also worth noting that many landlords do credit checks these days, so a person with fresh default on the credit records may not receive a warm welcome - after all, if one is willing to default on the mortgage, why not stop paying rent when it seems too high?