My parents house is in foreclosure and the sale date is near. Can they still rent a house even though the foreclosure could have made their credit worse then it was before?
2007-03-20 10:54:36 · 3 answers · asked by teenmother 1 in Business & Finance ➔ Renting & Real Estate
im talking about renting someone elses home. not the home from the same mortgage company
2007-03-20 11:08:33 · update #1
Usually when there is a foreclosure, the bank or lending institution, takes possession, and unfortunately you loose the house, and can not rent it. You could have sold the house before the foreclosure, paid the bank, and have been free and clear of debts. You can always call a realestate attorney, and get free information, as to what your options are. good luck.
2007-03-20 11:07:35 · answer #1 · answered by Ron 7 · 0⤊ 0⤋
The question is, "why would you want to rent it if you can't even make the payments on it now?" It is entirely up to the person who buys it on the courthouse steps but the "person who buys it" could well be the LENDER since they usually buy back their own properties. If that happens, they will NOT rent it to you.
2007-03-20 11:06:31 · answer #2 · answered by dreamgirl 5 · 0⤊ 0⤋
They can rent, but owners will probably require bigger deposit. I have several rental properties, and that's how we do it. It is a risk that owners take to rent to the people with bad credit history. To minimize the risk, more cash upfront from tenants will make less liability to the owners.
2007-03-20 11:01:38 · answer #3 · answered by Pluto 3 · 0⤊ 0⤋