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Forums » Rental Property Questions & Landlording Issues » Should I rent out our unit in arrears?

Should I rent out our unit in arrears? Subscribe to Should I rent out our unit in arrears?

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Tag Tags: foreclosure arrears rental short-sale


Michael Petersen

Real Estate Investor · Chicago, Illinois


Forum_avatar_avatar-redmike

Dec 14 '09, 01:59 AM

We have decided to not pay our condo (ILLINOIS) mortgage (currently almost 3 months behind) and accept the consequences: hopefully a short sale instead of a foreclosure. We are running an ad to rent or rent to own. Is this risky or illegal in any way for us (or our tenant) to rent it out for a 6 or 12 month lease? :oops:

Edited: 06/26/2010 at 10:50AM


Steve Babiak

Real Estate Investor · Audubon, Pennsylvania


Forum_avatar_avatar-stevebabiak

Dec 14 '09, 03:03 AM

Bad ideas IMO.

Edited: 06/26/2010 at 10:50AM


Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado


Forum_avatar_avatar-wheatie

Moderator Pro

Dec 14 '09, 12:57 PM

I can't quote you the law, but yes, its illegal. Its called "rent skimming".

Keep in mind if you do this, and the bank does foreclose, they will show up and evict the tenants very quickly.

Do you have any other assets? If so, the bank may try to come after these in a foreclosure. If you're skimming the rent (collecting the rent but not paying the mortgage) the bank's going to be a less inclined to work with you on a short sale.

Edited: 06/26/2010 at 10:51AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC




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