Rentals in Tampa>Question Details

Joyce Living…, Other/Just Looking in Weeki Wachee, FL

New Tampa or Carrollwood; I will be fully responsible for rent; daughter has bad credit rating but mine is excellent - any way to help her?

Asked by Joyce Livingston, Weeki Wachee, FL Thu Feb 21, 2013

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You request per my understanding is that your daughter will be renting and you will co sign. Please visit 813rents.com. We have a few houses in the area. Get back to me for showings and paperwork.
Thanks

Stephanie Falloon
813-546-2941.
0 votes Thank Flag Link Sun Feb 24, 2013
To be able to "stay" in a property "after" the house is foreclosed and the lender or an investors buys it at the courthouse, you will have to have a lease paying FULL MARKET value rent. If the rent value is discounted below market rental rates the foreclosing lender or the investor that buys it at the courthouse will not have to honor the lease.

Also if you decide to take the risk with a pre-foreclosure property, be prepared to fix the a/c, plumbing, appliances etc.
0 votes Thank Flag Link Sat Feb 23, 2013
Joyce Livingston, If you co sign for the mortgage (and you presently have good credit) anticipate that your credit history will be compromised. Has nothing to do with your relationship with someone with poor credit, but, poor credit is the result of irresponsible fiscal values. Until credit shows improved attention to timely payments and restrained spending behavior best to maintain your own credit.

That said, you can buy the home and place your daughter as the tenant. Sounds like your daughter has to learn the consequences of her poor spending habits. She can work with a credit cleaning agency to help her organize and clean up her credit history. This will take some time.

Best regards,
Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com

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0 votes Thank Flag Link Sat Feb 23, 2013
Hello Joyce,

There is plenty of opportunity to accomplish what you seek. Do not be disuaded by the ill-informed.
If she doesn't mind the inconvenience of possibly having to move with plenty of notice, renting a pre-foreclosure can offer significant discounts and cash to move when and if the foreclosure ever goes final. No suprises, you can easily check out the situation ahead of time and follow the case online and know exactly what's going on every step of the way. Even after final foreclosure there are laws and opportunities to continue to rent. It could literally be years before anything even happens. A small amount of diligence could pay real dividens. And of course there is also evey other situation where someone would be more than happy to rent with you as guarantor. If I may be of further assistance do not hesitate to contact me.
0 votes Thank Flag Link Fri Feb 22, 2013
Erek, this is the best info I've received thus far. I don't worry about my credit being ruined because I will make sure the rent is paid timely each month. I just need a safe place for my daughter and grand-daughter to be able to live. They need something in the Carrollwood area; do you know of any pre-forclosures in this area that I might be able to rent for her?
Flag Sat Feb 23, 2013
Hi Joyce, my name is Terri McCormack with NewHomePrograms.com are you looking for a purchase or are you interested in a rental only? Feel free to contact me 813-476-3427
0 votes Thank Flag Link Thu Feb 21, 2013
You absolutely should only consider renting in an apartment complex unless the property was just purchased or there is no outstanding mortgage. Many unscrupulous owners are renting out preforeclosure properties and then requiring the tenant to allow showings for a short sale. Would not be fun and also it may be difficult to get the deposit back, too. Also the Sheriff may show up and serve your daughter as the "tenant" in a foreclosure... also not fun.

I'm sure an apartment complex would take the risk on your daughter if you plan to co-sign.
0 votes Thank Flag Link Thu Feb 21, 2013
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