I'm back again folks.
For those who dont know....I own a house with my ex. I filed for BK March 2011 and was discharged July 2011. I did not reaffirm the mortgage. Mortgage company changed to Seterus. I still have not received Foreclosure paperwork from them. The last I received was a Notice of Intent to foreclose (if I'm not mistaken) from the previous mortgage company. So it could be years before the house actually goes to auction. (hopefully not the case but....**sigh**) The last I heard from my ex, he was going to contact the mortgage company to see if they could work something out with him, he did not want the property however, and if they couldn't work anything out, he was planning to file for BK.....that was in October that he mentioned all that to me.
My brother currently occupies the house. I'm letting him stay there until he enters the military, which could be as late as April 2012. I previously was thinking of talking to the mortgage company about a deed in lieu of foreclosure after my brother leaves for the military but since, I've run into a situation with my schooling where I need more income so I'm wondering if I can rent out the house after he leaves....several things I'm considering...
-house is 2bdrm, 1 bath on 1.3 acres with unfinished walk-up attic....I think I would charge only $800 without utilities, water & sewer and insurance would come out of that...I pay $800 without utilities for rent right now for a 1bedrm studio so I feel like this would be a fair value considering the condition of the house, and the arrangement of month to month....I also know that I would have to inform the tenants of the situation with the house, etc....
-currently I do not have insurance on the house - I'm aware that I'm taking a huge risk with this but if I were to rent it out, I of course would have to and plan to get insurance....
-there are several things wrong with the house - back steps are damaged completely, shed roof above the kitchen leaks which also means there's a possibility there is mold....along with a few other minor things....I don't want to fix these myself as I don't have the money to do so....so I'm wondering if I could leave this up to the tenants to fix themselves if they felt so inclined?? am I required by law to fix these things though if I'm renting it out?? could I put into an agreement that the tenants take care of fix ups and such??
-would my ex be entitled to half the rent because he is partial owner?? are there any legal restrictions because he is still on the mortgage and hasn't filed for bk (that I'm aware of) which would restrict me from collecting rent on the property??
-would be easier to rent to a friend? or is that just asking for problems down the road? assuming its okay for me to enter into a legal agreement with a tenant - is this the better route???
if there is any else I'm not considering please let me know! just trying to figure out if renting it would be beneficial....thanks!!
For those who dont know....I own a house with my ex. I filed for BK March 2011 and was discharged July 2011. I did not reaffirm the mortgage. Mortgage company changed to Seterus. I still have not received Foreclosure paperwork from them. The last I received was a Notice of Intent to foreclose (if I'm not mistaken) from the previous mortgage company. So it could be years before the house actually goes to auction. (hopefully not the case but....**sigh**) The last I heard from my ex, he was going to contact the mortgage company to see if they could work something out with him, he did not want the property however, and if they couldn't work anything out, he was planning to file for BK.....that was in October that he mentioned all that to me.
My brother currently occupies the house. I'm letting him stay there until he enters the military, which could be as late as April 2012. I previously was thinking of talking to the mortgage company about a deed in lieu of foreclosure after my brother leaves for the military but since, I've run into a situation with my schooling where I need more income so I'm wondering if I can rent out the house after he leaves....several things I'm considering...
-house is 2bdrm, 1 bath on 1.3 acres with unfinished walk-up attic....I think I would charge only $800 without utilities, water & sewer and insurance would come out of that...I pay $800 without utilities for rent right now for a 1bedrm studio so I feel like this would be a fair value considering the condition of the house, and the arrangement of month to month....I also know that I would have to inform the tenants of the situation with the house, etc....
-currently I do not have insurance on the house - I'm aware that I'm taking a huge risk with this but if I were to rent it out, I of course would have to and plan to get insurance....
-there are several things wrong with the house - back steps are damaged completely, shed roof above the kitchen leaks which also means there's a possibility there is mold....along with a few other minor things....I don't want to fix these myself as I don't have the money to do so....so I'm wondering if I could leave this up to the tenants to fix themselves if they felt so inclined?? am I required by law to fix these things though if I'm renting it out?? could I put into an agreement that the tenants take care of fix ups and such??
-would my ex be entitled to half the rent because he is partial owner?? are there any legal restrictions because he is still on the mortgage and hasn't filed for bk (that I'm aware of) which would restrict me from collecting rent on the property??
-would be easier to rent to a friend? or is that just asking for problems down the road? assuming its okay for me to enter into a legal agreement with a tenant - is this the better route???
if there is any else I'm not considering please let me know! just trying to figure out if renting it would be beneficial....thanks!!