Moorpark CA – The Stop Foreclosure Institute of Ventura County recently received a question about renting a home 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?
Click here 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, California 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 California, 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 cjohnson@prucalhomes.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 805-208-0823
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Moorpark loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this,
Chris B Johnson.
Chris B Johnson is a Realtor with Prudential California Realty, Berkshire Hathaway Home Services .
Phone: 805-208-0823. cjohnson@prucalhomes.com.
Certified HAFA Specialist, Certified Short Sale
View My homes for sale at www.ChrisBJohnsonRealtor.com.
Chris B Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Moorpark CA Short Sales. Moorpark Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Chris B Johnson, Prudential California Realty, Berkshire Hathaway Home Services, 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 Chris B Johnson’s personal views and do not reflect the views of Prudential California Realty, Berkshire Hathaway Home Services .
This information on Moorpark 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.
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