Ron Le grand sends the lender a notice informing them that a corp is now managing the payments. What would the lender do if Joe blow was now managing the payments?
The implication of the letter saying a company is handling things is that a property manager is in charge and managing the accounts. Hence the lender makes a bad assumption or does not even check as they do not verify if the payment is current.
The letter is not magic and if the lender wanted to really look they may find evidence that there was a transfer. They still do not have to exercise the DOS.
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It depends on the lender.
The implication of the letter saying a company is handling things is that a property manager is in charge and managing the accounts. Hence the lender makes a bad assumption or does not even check as they do not verify if the payment is current.
The letter is not magic and if the lender wanted to really look they may find evidence that there was a transfer. They still do not have to exercise the DOS.
John
You don't need a corp. but It's nice for peace of mind. The limited liabilty is the best benifit in my opinion.