Home Buying in Shelton>Question Details

J, Renter in Shelton, WA

IF I am in forcloser or short sale can I rent it out and keep the rent money?

Asked by J, Shelton, WA Mon Jul 23, 2012

Help the community by answering this question:

Answers

6
This question posted in 2012.
In most foreclosures, not involving Bank of America, this issue would be long over.
Advise provided that has consequences, which this does, should be reserved for attorneys.
1 vote Thank Flag Link Mon Jul 7, 2014
I would consult a lawyer on that. Legally you are the owner, but if you are not paying the mortgage and defaulting the lender may be able to come after you or have a greater chance of obtaining a judgement.
1 vote Thank Flag Link Mon Jul 23, 2012
If you are the owner of record, the property is under your control until it becomes foreclosed on. It would be advisable to make the tenants aware of the possibility of this changing ownership and what it could mean for them.

Good luck,

Bill
0 votes Thank Flag Link Mon Jul 7, 2014
as per my contract I would have to forward all rents
0 votes Thank Flag Link Sun Jul 6, 2014
No all Rents Must Be Forwarded To The Lender
0 votes Thank Flag Link Sun Jul 6, 2014
well legally probably yes. But if you apply that rent you should be able to dig yourself out of foreclosure. IF you are requiring at an appropriate rate. Make sure renters pay ALL utils. rent value atm is WAY higher than morgage rates. from what Ive seem you should expect 125-350% rent to mortgage ratio
0 votes Thank Flag Link Fri Dec 28, 2012
IE find a decent renter and you should be able to reach at least 90% of the mortgage cover the rest and you retain ownership of the property. IE rent or lease the prop out to get at least 80% in order to retain the property.
Flag Fri Dec 28, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer