Can a tenant stop paying rent if I don’t make my mortgage payments?
Legally, the tenant is obligated to pay the rent through the term of the rental agreement. Additionally, while our management agreement is still in effect, it is our responsibility to continue to pursue that rent on the property owner’s behalf. However, it is possible that a tenant will falsely believe that because the mortgage is not being paid, they are no longer required to pay rent. Therefore, we do have a foreclosure clause in our management agreement so that all parties understand their responsibilities and how Real Property Management Hampton Roads will handle the issue. Although we are completely prepared for such an event, we sincerely hope that never becomes an issue. If it does, please be sure to contact us so that we can explore some of your options.