Edith, Home Seller in Burke, VA

My home is in foreclosure process, can I still rent that home?

Asked by Edith, Burke, VA Thu Sep 17, 2009

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James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Fri Sep 18, 2009
Hi Edith, first stating I am not an attorney, nor giving you legal advice, it is my opinion that you may rent the home at any time until you do not own it any longer. That being said, a month to month lease would be best, since sooner or later the bank will probably take the propety...with a state mandated time frame, 30-60 or 90 day notice, so you would be able to give notice to your tenants. As to the original documents stating you planned to be the occupant, there is usually nothing preventing you from changing your mind after to turn the home into the rental, assuming your intention was to occupy at the refinance or purchase. I hope these comments helped, and I hope your situation gets better. Jim
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Angela Sarge…, Agent, Austin, TX
Thu Sep 17, 2009
Good point on the interpretation Kathy! It's funny, how someone can say one thing, and it could mean several things!

Hopefully you can help Ms. Edith!
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Kathy Stark, Agent, Burke, VA
Thu Sep 17, 2009
Please clarify you question. I see the agent below interprets the question as you want to rent it to someone else. I am interpreting it as you want to rent you home back from the bank.
How far from eviction are you?
I would be happy to discuss it further with you as I am right down the road.
Kathy Stark
Weichert, Realtors
9299 Old Keene Mill Rd
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Angela Sarge…, Agent, Austin, TX
Thu Sep 17, 2009
Edith-I don't know how long ago you took out this mortgage on your home. However, there is a high likelihood you signed papers stating you would be the owner/occupant of this home.

If your home is in foreclosure now, I would really suggest you not rent it. What unsuspecting family would be hurt by moving in, then receiving notice they would have to be evicted? Not good and terribly stressful for you AND for them.

Have you talked to an attorney about your options? That is the best move for you.

I'm sorry for your grief.
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