foreclosure home
Posted January 5, 2010
By admin
What are the downfalls of renting a pre-foreclosure home?
I found a few houses (very nice ones, btw) that are in pre-foreclosure. The rent is usually btwn 650-1,000 per month (but I assume they mean, we’d be taking over the mortgage, not “renting” which is fine with us.) But, are there any downfalls? Like, will the amount increase annually? Are they super-dirty? Are there any hidden costs? ETC?
Generally the situation is that someone cant afford their mortgage payments so they plan to rent the house to pay the mortgage instead of loosing it altogether.The risk is that the house can be for-closed on and you would be evicted. You will also be dealing with a landlord who is inexperienced and not primarily a landlord, so expect problems and delays when you need something fixed.
You are not taking over the mortgage, just paying it. the house will never be yours, and any equity will belong to the owner.
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How to Save Your Home from Foreclosure $2.58 How to Save Your Home from Foreclosure |
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