Can you rent out a home if it is actively being Forclosed on??
By Dina Moeakiola, Sunday, September 28, 2008.Bookmarking Sites
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Submitted by Jen K on October 1, 2008 - 12:50pm.
I don't see why not. I'm 99% sure you can, especially considering the bank owns it now. I mean, you can buy a house that is a foreclosure, and pay monthly payments on it. So, I don't see why you couldn't rent a house out. And what happens if you buy one and stop paying it when you're done renting it? It would go back to being a foreclosure...You can find a lot of Broward County foreclosures in South Florida for an affordable rate.
Submitted by Jack Kloskowski on October 3, 2008 - 5:29am.
Yes. Technically, you still own the house until foreclosure is completed. Month to month, fore sure, whereas if the renter has a lease then defaulting on the lease may cause the renter to go to small claims court and win. This "Renters in Foreclosure" explain it well. And yes, the renter still needs to pay the rent even the house in question is in foreclosure.
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Submitted by Teresa Boardman on December 15, 2008 - 4:04pm.
The way the foreclosure process works is regulated on a local level and it is not the same in every state. Be sure to ask this question of a real state pro in your state.