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Summary: Any house that is on the rental market can be rented, but it is not advisable to rent a house that is going into foreclosure. Discover how a renter can have problems with a homeowner that can't make mortgage payments with help from a financial adviser in this free video on foreclosure and personal finance.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
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"Hi, this is Matt McKillen, with Innovative Financial Group. The question posed to me today is can I rent a house that's going into foreclosure? Let's face it; you can rent any house that you want that's available on the rental market. My suggestion is you do not rent a house that's going into foreclosure. There's been a lot of investment properties that were acquired in the last couple years when people were flipping homes, they were buying homes and then turning around and reselling them for a profit, that are now out there on the rental market. And a lot of these investors or owners of these homes really can't get enough rent to cover their monthly mortgage payment with taxes and insurance. So, if you were to rent a home that was going into foreclosure you would, in effect would be paying rent to the to the owner of the home on a monthly basis, and if he is not paying his mortgage payment then as the foreclosure process draws out; could be ninety to a hundred and twenty days, literally that house could be sold on the courthouse steps and a sheriff could show up at your home to to evict you on behalf of the bank, cause' the bank, at that point, owns it. So again, I do not suggest you rent a home that's going into foreclosure. My name is Matt McKillen. I'm with Innovative Financial Group."
eHow Article: Can I Rent a House That Is Going Into Foreclosure?
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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