I read in a local Realtor magazine recently that it is unlawful to receive renters payments if you home is listed as a Las Vegas Short Sale. I am trying to find that article, but you should consult with an attorney to be sure.
Quote:
Originally Posted by crazy8s
I am currently in the process of a short sale on my house. I have never missed a payment but relocated almost 2 years ago with a lot of medical debt. Currently the renters in my house are going to move out soon and at this point dont pay enough to cover my mortgage. I struggle each month to pay my bills and put food on the table for my family. I am currently working 3 jobs just to pay the bills and pay the medical. I have been denied a loan mod, refi and any help to keep me paying on this house.
The next few months are going to be very rough and I am thinking about not paying the mortgage and using it to help pay some of the bills. I have done everything I can to assure the lease ended with the renters so they do not get evicted.
I have accepted what will happen to my credit and I am making sure I take care of my family prior to anything happening but I am out of ideas and get different opinions about what to do.
Is it illegal to take the renters money and not pay the mortgage and use it for another debt?
Is it possible for a short sale to be approved when a payment is not missed?
Please help.
P.S....If I could keep paying my mortgage for the next 20 years I would in a heartbeat but my heart breaks when I have to tell my family no to the simplest things...even just the smallest things at the grocery store.
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Las Vegas Short Sale Renter Payments
