The Joe Niece Team....The Results of Experience
Vacant Property
The protection of the lender's asset, the property, is found in nearly every mortgage document. Mortgages are sold back and forth so the language is pretty much the same all across the country. Going into an occupied property does get a bit tricky and one would really want permission of the owner, but if a property does appear to be abandoned one can go in after making a reasonable effort to make sure no one is still living there. In reading a mortgage for MN, (Fannie Mae), and it states that the Mortgagee, or its agents, may enter and inspect the interior of a property with resonable cause. Lender needs to give notice at the time of or prior to the inspection specifyiing the resonable cause.
Also it says if the borrower has abandoned the property, the lender may do and pay for whatever is resonable to protect the lenders interest in the property, including assessing the value, and securing and or repairing the property. Securing includes, but not limited to entering the property to make repairs, change locks, replace or board up doors and windows, drain water from the pipes, fix code violations or dangerous conditions, and have utilities turned on or off.
Owners still have rights to the home and property in the home and can contact the lender to regain access to the homes. Owners can have the new locks cut, drilled or re-keyed without legal recourse since they are still the legal owners of the property.
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