Can I rent my home if it is in Foreclosure?

Dallas Short Sales: Can I Rent My Home If It Is In Foreclosure?

Short Sale Question: 

I am selling 2 of homes that are short sales. I would like to rent the homes during the foreclosure process. I will continue to pay the home owners association fees. I will not be paying the mortgage.

Is it legal to do this? Is there any liability that comes with it?

Email phillis@txhomerealty.com to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to them.

The Stop Foreclosure Institute is not a law firm. Therefore, we can’t answer as to whether or not it is legal. We recommend that you check with a lawyer before making a decision.

We do know that there are laws forbidding that practice in many states. For example, Florida recently passed a law that stated that you had to notify any potential renter whether or not the home was in foreclosure before renting.

From what we have heard about the law, if you lease a property in foreclosure and don't tell the tenants, then it is a criminal offense.

If it was a problem in Florida, then it was a problem in other states and they probably passed similar laws. We have seen cases in the past where a homeowner sold their home as “Owner Financing.

The home was in foreclosure and buyers filed a police report. The sheriff’s office investigated the homeowner for fraud. The people who thought they were buying the home paid the owner a large down payment.

They didn’t know the home was in foreclosure. He disappeared with their money and they were kicked out by the bank.

We don’t know what ended up happening. The bottom line is that anything fishy can have future repercussions. So check with a lawyer to make sure you won’t have any problems. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at phillis@txhomerealty.com.  I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (888) 287-8945.

Discover how other sellers successfully completed a short sale and request a free consultation by emailing phillis@txhomerealty.com.

Thinking about a loan modification? Our Dallas loan modification kit has the instructions you will need to get a loan modification approved with your bank. Email Phiilis@txhomerealty.com to request a copy.

Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group.

Phone: (888) 287-8945.

A Realty company with Service as Big as Texas

View My homes for sale at http://www.txhomerealty.com

Phillis Nealy specializes in loan modification assistance and short sales in Dallas Texas. Dallas Loan Modification Help, Dallas Short Sales. Texas Short Sale Realtor Dallas TX Short Sales. Dallas Realtor.

Important Notice

Phillis Nealy, The Texas Group, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Phillis's personal views and do not reflect the views of The Texas Group.

This information on Dallas Short Sales: Can I Rent My Home If It Is In Foreclosure? is provided as a courtesy to our viewers to help them make informed decisions.