morning
the bset that you can do ,on legal matters, go to a lawer,
have legal advise, be on the safe side
list your home ,for sale , and for rent
hire a REALTOR, with CDPE ( Certified Disstressed Property Expert)
Hector Torres
Continental Properties http://www.HectorTorres.US http://www.wpbreo.com
ph 561-502-0285

Hi Jim:
Kim offered you some detailed and great advice there. Yes it is legal to rent your home even when it is a short sale. I would suggest you have a month to month Rental Agreement drawn with the stipulation that both parties agree to give a 30 days notice before terminating it.
It would legalize all your matters if you did go through a short sale. Its another matter if you abandon your property.Yes you may want to contact an attorney. Did the Lender told you how long you have before it becomes a foreclosure? How many months are you behind on your mortgage?
You do have some rights with a short sale as the "owner" you will sign the Listing Agreement. and sign any offers .After that he Lender is the one who makes the final decision and accepts or not an offer.

Good luck,
LLoyd Nichols
Right Choice Realty LLC
cell: 239-810-2980
office: 239-463-5217
Activerain Local Blog: http://localism.com/neighbor/lloydn
Active Rain Blog: http://activerain.com/lloydn
Website: http://www.mlsouthwestfloridahomes.com
Search the MLS in Southwest Florida
Listingbook: http://lloydnswfloridahomes.listingbook.com/

Jim,

Be sure to use a degree of caution when taking advice from Realtors in other states. Those Realtors are not licensed in Florida and therefore should not be your first point of reference to get advice from in matters that apply to Florida real estate.

I do agree with the other Realtor who is licensed in Florida. Both of us live here and are able to give you the best information on what is currently going on in the market.

If you had rental property that was going into foreclosure could you still keep it rented? Yes you could, the lender may attempt to get the renters to pay them directly however, they are still able to rent out the home.

I have a close contact with a real estate attorney that I will call on tomorrow and find out the answer. It would help if I had more information. Are you leaving the state and the property behind i.e. abandoning the property. Does anyone else own the home?

Make sure you have a lease drawn up so if questioned by anyone the renter can show proof he/she has the right to be there. Also make sure they have a renters policy in force.

Have you considered short saiing the home? For better of worse, I have a lot of experience in short sales. The lenders lack a clear cut policy. You may consider this as a way to salvage your credit and stop the possibility of having a judgement levied against you later.

Having a renter in the home would also prevent the lender from calling it abandoned and changing the locks on the doors without your knowledge and/or consent.

You could say I am one of those old throwbacks that still believes in state's rights, the pursuit of happiness, and banks not being owned by the government. I also get tired of mortgage companies replacing the locks on homes that are listed as short sales that they have yet to foreclose on. If the home is listed with a Realtor and being checked on it is not abandoned. However the lenders are calling it as such and changing the locks on doors everyday in SW Florida. Keepina a tenant in the home could halt the lender from changing your locks. I hope you have been helped.

Kimberly Lang

The Kimberly Lang Team
Keller Williams Elite Realty
24851 S Tamiami Trail Suite 1
Bonita Springs, FL 34134
When you think of Real Estate, Call The Red Realtor
239-677-8773 http://www.SWFloridaHomeSearch.com http://www.KimberlyLang.net
239-949-8339 fax
239-949-8338 office

Hi Jim,

This is illegal to rent to someone and there was a new State law passed recently in Florida that you might want to look up. Also, if you 'abandon' your property in Florida you might have other problems especially if the lender forecloses by Judicial process. You might want to call you lender and let them know you are leaving the area so they can 'date' that you have moved away in case the property get's trashed. Good luck!
http://www.foreclosureoptionsnetwork.com

go to a lawyer to be on the safe side
you can do a short sale
we have investors that can buy the property and get you out of the foreclosure and rent the property to the person that you have on line
always we need more info on the property, you can call or email me
Hector Torres
CDPE ( foreclosure/short sale specialist)
ph:561-502-0285
hector@wpbreo.com
http://www.wpbreo.com

Jim,

Have you considered a short sale? If you need info on short sales, please feel free to drop me an email or call.

Regards,

LLoyd Nichols
Realtorlloydn@aol.com
Right Choice Realty LLC
cell: 239-810-2980
office: 239-463-5217
Activerain Local Blog: http://localism.com/neighbor/lloydn
Active Rain Blog: http://activerain.com/lloydn
Website: http://www.mlsouthwestfloridahomes.com
Search the MLS in Southwest Florida
Listingbook: http://lloydnswfloridahomes.listingbook.com/

Jim,

I'm not an attorney and you should probably consult one but..........I don't see why that would be a problem as long as everything is disclosed. Have you tried selling the home on a short sale? Depending on your exact situation, this may be best for you and the tenant. It will be better for your credit history vs foreclosure.

If there's anything I may be able to help with regarding the short sale or questions feel free to contact me at your convenience.

Have a great day!

Danielle Sharp
Broker Assoc
Vadala Realty

Cell 248.207.4445
sharphomes@yahoo.com