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Before You Rent out Your Home - Make Sure You Can Afford It!
This is just a quick "advice" post as I have come in contact with many folks this week who could not afford their mortgage, or moved out of their house and signed a long term lease with a tenant for less than what they pay on their mortgage.
For example:
Your mortgage is $2000 per month....you had to move because of your job, or because you wanted to downsize to an apartment, and then you rent out your home for $1400, leaving a monthly deficit of $600.
If you are going to do this, PLEASE do a careful budgeting session as a family to make sure you can comfortably afford this shortfall. If this $600 is going to make you struggle, it may be better to discuss a loan modification or even do a short sale if your home is worth less than what you owe. I have seen some people get really stuck here, when they finally realize they want to do a short sale, and they now have a tenant locked into a 12 month lease and the tenant will not cooperate with showings, nor moving out early. Just make sure you can afford to still pay the loan. ... more

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