Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Unfortunately, at the end of the day you will not be 100% sure that the owner has not defaulted on his payments. Although you CAN request that the owner show proof (or the management company to show proof from the owner) that the mortgage is up to date, you have no way of knowing if the owner will stop making payments the next month, or the one after that.
There is just no way to be sure.
I am director of property management for a company here in Orlando...Orlando Rental Store.
I get at least 5-10 calls daily from tenants who are in your same situation. We try to stay as informed as possible regarding the owners financial situation in regards to the mortgage, but truth is, the owner can start to default at any moment and not let anyone know.
Best I can recommend, although I've never seen it done, is to try and have it as part of your lease agreement that the owner sends you statements every month with proof he is up to date...You can imagine it will not be the easiest to make happen.
Best of Luck!!
We have several rentals in Lake Nona and a few owners that do not have a mortgage on their property.
Please visit the website and ask for Daniel Coombs
I just went to the Google search bar and typed in "Orlando house rentals" and found several property managers for Orlando. You can narrow down the search by typing in only certain areas as well.
I should have stated that going through a management company does not necessarily protect you from what you are currently experiencing.
Most bank want to rid themselves of properties ASAP. They are in the lending business, not property management. I have not personally seen bank-owned properties for rent in my general area. but your area may be different.
Hope this clarifies it a bit for you!
Best of luck!