Lender Can't Claim Rents During Foreclosure, Fla. Court Says

Law360 (June 27, 2018, 10:13 PM EDT) -- A Florida appeals court ruled Wednesday that a property owner who was not a party to the original mortgage does not have to hand over rents collected from the property to a lender during foreclosure proceedings.

Florida’s Second District Court of Appeal reversed an order allowing lender Residential Credit Opportunities Trust to sequester rents collected by Green Emerald Homes LLC on a property in Riverview, Florida, that was bought at a homeowners’ association sale.

The original mortgage on the property states that the “borrower” assigns all rents to the lender, but when Green Emerald bought the property, it never became the...

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