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Paul Nelson's Blog

By Paul Nelson | Broker in 98008

Bellevue Short Sale Question: Can I Rent My Home If It Is In Foreclosure?

Bellevue WA – The Stop Foreclosure Institute recently received a question about renting a home in foreclosure.

Short Sale Question: “I am own two homes that are in foreclosure. I would like to rent the homes during the foreclosure process. I will continue to pay the homeowner’s association fees. I will not be paying the mortgage.

Is it legal to do this? Is there any liability that comes with it?”

Click here to discover how other sellers successfully did a short sale and avoided 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. Click here to continue reading.

Comments

By Jacquie Cliff,  Wed Jun 5 2013, 21:02
Of course you can, but as a real estate agent that deals with short sales every day, I can tell you that if the bank finds out, like when they do a BPO and find tenants in the property, they will not-so-politely ask for the rental money you have been collecting to go in their pocket at closing.

Now this is not legal counsel by any means, but practical advice. I wouldn't put the time and energy into putting a tenant into a home that you have moved out of and are doing a short sale on.
 
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