please can someone tell me can you rent a home and it is in foreclosure i am stunned by some of the leaws on foreclosure please let me know ok thank you. null
From what I understand, a foreclosure means home will be sold for debt. When home forecloses, the current owner loose right to the property and making your agreement void- Just like repos--Best is to know how to rescue home from foreclosure-if you intend to buy or sub-lease it...If not, renting a home to someone while pending foreclosure can only be temporarily until the foreclosure is final--then new owner may evict or move in--not a good idea if you can not stop the foreclosure...
If you are renting to own-then you make sure the option fee you pay is not a waste by covering your ends in the contract -example: you will receive your refund if home forecloses---
However, if this is a mortgage problem-the new buyer or inv may be using the rent/option fee to pay the mortgage-therefore, the bank will may not foreclose—ask questions and the owner should explain which of these scenarios apply.
Hope this helps
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From what I understand, a foreclosure means home will be sold for debt. When home forecloses, the current owner loose right to the property and making your agreement void- Just like repos--Best is to know how to rescue home from foreclosure-if you intend to buy or sub-lease it...If not, renting a home to someone while pending foreclosure can only be temporarily until the foreclosure is final--then new owner may evict or move in--not a good idea if you can not stop the foreclosure...
If you are renting to own-then you make sure the option fee you pay is not a waste by covering your ends in the contract -example: you will receive your refund if home forecloses---
However, if this is a mortgage problem-the new buyer or inv may be using the rent/option fee to pay the mortgage-therefore, the bank will may not foreclose—ask questions and the owner should explain which of these scenarios apply.
Hope this helps