Posted by James Harris on January 03, 2008 at 12:55:54:
Have the owner sign a Quit-Claim Deed or take the proeprty subject to. Then you coyuld rent for the 6-8 months or you could lease option the property to a tenant buyer.
RENTING OUT PROPERTY IN FORECLOSURE - Posted by jason
Posted by jason on January 03, 2008 at 12:40:37:
I recently got a call from a homeowner who is only 2 months behind on payments and simply wants to walk away and never hear about the house again. No short sale, no loan mod, nothing. In my state it could take 8-10 months until the bank gets the property back. Minutes later, I got a message from someone looking for the identical house to rent for 6-8 months. With full disclosure to the renter, could I, with the sellers permission, rent out the property?? It seems kind of a waste of space if the seller is going to let it sit…
Re: RENTING OUT PROPERTY IN FORECLOSURE - Posted by michaela-CA
Posted by michaela-CA on January 03, 2008 at 13:33:32:
Jason,
if you collect rent without paying the mortgage, that’s called ‘rent skimming’ and that’s illegal.
Michaela