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Additional Details
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Additional Details
I am buying a 5 bedroom $350,000
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confusedmom | I own a house and rent it out, but the rent doesn't cover the entire mortgage, and I have fallen (see details) |
behind on the mortgage payment and am thinking about letting it go to foreclosure. Can I still collect the rent? And what should I do with the rent money? Do I have to keep it in an account, or can I spend it?
Additional Details
More information....when i purchased the house it was an ARM, now that rates are going up, I can't afford it any longer. The rent did cover the mortgage up until about 4 months ago and the tenants are under a lease until April, so I can't charge them more. |
 |
 
Claudio
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You can continue to collect the rent. What you do with the rent is up to you, it's all your money, you do as you please with the rent money like continue to pay mortgage with it, keep it in a saving account, spend it on a plasma tv, take a vacation, etc, it's up to you. |
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Knowitall
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You are a financial genius. renting it out for less than the payment was slick. now you want to let it go and steal from the people who are living there and not tell them they are about to be homeless.
Wow, what a guy!!
You need to let the people renting know what you are doing because they should not suffer because you are not responsible.
They need to find another place to live. You could raise rent to cover the loan and if they accept you are both good. if not they can move out. |
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stephaly2003
 |
I recently went through the same exact thing. I sold my house to the tenants. You should offer it to them. As far as keeping the rent money, I am not all together sure about that. I would say keep it.
When i sold my house to the tenant, they continued to pay the rent and I continued to put the rent towards the mortgage and then the mortgage was paid off when they purchased it.
You should consider offering the house to the tenants rather than foreclosure. It takes a bit of time to foreclose and if you are giving the bank something until it is old, they stay happy. The whole country is falling into foreclosure.
Good Luck! |
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HPH
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The rental income is yours until title changes but the lender may be able to attach your other assets if the property doesn't sell for enough to pay off the mortgage. If you have the property leased, you must abide by the terms and can't raise the rent even if the rent is below the competition. Obviously try to avoid foreclosure or bankruptcy. I'm assuming the mortgage balance is more than what you could sell the property for. If the difference isn't large maybe you could work out a lease/option with the tenants where you sell the property to the tenants close to the mortgage amount, they bring the mortgage current as the cost of the option, the rent goes up by enough to cover the mortgage and taxes and the difference between what they're now paying and the new rate is part of the down payment. You would still lose money but it would stabilize your cash flow and keep your credit from a large ding. |
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greg-z@pacbell.net
 |
If it goes inti foreclosure you can collect the rent till the bank takes the keys.
You stilll must make payments on it.
Where are you at I may just buy it from you and you keep your credit stil good. |
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wizjp
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If there is an assignment of rents and leases, you'll pay the bank; otehrwise it's yours to use. However if the foreclosure ends up with a defiency balance, you'll be paying the bank anyway. |
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ryet_grrrl
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The house I was renting foreclosed last month. The landlord collected our rent until the very end, but was not able to keep rent after he no longer owned the house. (The bank took posession Aug 1 so the landlord had to return our August rent) Also, the landlord was required to return our security deposit. So, if you're collecting rent still, you must put aside enough to return their deposit in full, regardless of the condition of the home, unless you get lucky and they move out first. You don't owe them the money until after you no longer own the property.
The nice thing to do would be to let your tenants know what's going on so they can be prepared. After the bank takes posession, they will notify the renter, but everyone could use time to find a new home. |
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Ringer
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Well for one the mortgage company owns the house, either go up on rent or try refinancing it at a lower rate if you have enough equity in the house. |
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Jessie H
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Can't you increase the rent to cover the mortgage? |
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bill w GO FLAMES GO ã€ãƒ„】
 |
RAISE THE RENT
Give your tenants some peace of mind.
What do you think will happen to them if the bank takes over the property? Either eviction or a massive rent increase.
And why would you have rights to any rent after a foreclosure? |
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Alterfemego
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First contact the lender and ask for their help. Next you need to raise the rent. It's that simple. If the renter's don't like it they can move. If you let it go into foreclosure, they have to move anyway. But don't ruin your credit over a few bucks. |
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