Can I Rent a House That Is Going Into Foreclosure?
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.
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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.