Renting Your Home to Avoid Foreclosure

Renting Your Home

If renting your property is possible where the total of the rent payments will exceed the monthly mortgage payment (including taxes, insurance and repairs) this may be a good option to avoiding foreclosure. But you must have positive, or near-positive cash-flow.

 
In considering “renting” your property as a solution, remember to consider:
 
  • Cost of where you will be living next
  • Cost of maintaining the property during the rental period
    (Roof, appliances, plumbing, exterior maintenance, etc.) 
  • Cost of periods of vacancy
  • Cost of repairs when tenant moves out
  • Possible or probable continued decrease in market value.
    (see our page on     "Market Direction" on this site.)


 
 
 
We would be glad to help you make the determination as to whether or not “renting your property” can work best for your situation.
 
 
 
 
 
 
 

Posted by Clay & Kathie Kime - CDPE at 12/22/2008 7:57 AM
Categories: Virginia Short Sales, Foreclosures, Certified Distressed Property Experts in Virginia, Housing and the Economy, Virginia Pre-Foreclosure
Tags: CDPE Virginia Avoid Foreclosure Loan Modification CDPE Short Sales Pre-Foreclosure Wall Street and Housing
 

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