Short Sale Question: I am selling 2 of homes that are short sales. I would like to rent the homes during the foreclosure process. I will continue to pay the home owners association fees. I will not be paying the mortgage. Is it legal to do this? Is there any liability that comes with it?
Houston TX – The Stop Foreclosure Institute recently received a question about renting a home in foreclosure.
Here was our answer to them. The Stop Foreclosure Institute is not a law firm. Therefore, we can’t answer as to whether or not it is legal. We recommend that you check with a lawyer before making a decision.
We do know that there are laws forbidding that practice in many states. For example, Florida recently passed a law that stated that you had to notify any potential renter whether or not the home was in foreclosure before renting.
From what we have heard about the law, if you lease a property in foreclosure and don’t tell the tenants, then it is a criminal offense.
If it was a problem in Florida, then it was a problem in other states and they probably passed similar laws. We have seen cases in the past where a homeowner sold their home as “Owner Financing.
The home was in foreclosure and buyers filed a police report. The sheriff’s office investigated the homeowner for fraud. The people who thought they were buying the home paid the owner a large down payment.
They didn’t know the home was in foreclosure. He disappeared with their money and they were kicked out by the bank.
We don’t know what ended up happening. The bottom line is that anything fishy can have future repercussions. So check with a lawyer to make sure you won’t have any problems.
Thinking about a loan modification?Our Houston loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at soldbymichelle@gmail.com to request a Free Copy. Or, click here to request a copy.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at soldbymichelle@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 832-274-5007
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Thanks for reading this, Michelle Gonzales.
Michelle is a Real Estate Agent at RE/MAX 360.
Phone: 832-274-5007. soldbymichelle@gmail.com.
“Educating the Homeowner, One by One!”
View My homes for sale at www.yourhoustonhomesource.com.
Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.
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This information on Houston Short Sale: Can I Rent My Home If It Is In Foreclosure? is provided as a courtesy to our viewers to help them make informed decisions.
