A new trend-renting a foreclosure?

Image by extremeezine via Flickr

I made a lot of email inquiries when we were looking for a place. This one particular ad that we stumbled upon we just had to call.  It was for a 2/2 with a garage-newer construction, pool, jacuzzi, resort style amenities, in an A+ school district and cable and water included. All this for less than 1/2 of what we pay in rent alone. So naturally, it was taken by the time we called but the guy was really nice so we just had to ask him…what’s the catch?

He explained he had become behind on the payments and the place would  probably be going into foreclosure soon. Maybe a few months, maybe a year but unless his circumstances changed, a foreclosure was in the future.  Then I thought-well if we were to move in and pay rent-wouldn’t he have the money to pay the mortgage and not go into foreclosure? Or is he just trying to collect the rent and not pay the mortgage and let it go into foreclosure anyway? Or is his mortgage just so much that he is just trying to rent for any cash right now just to live on until they foreclose on the home?

So, I go online and out of curiosity, looked around in our area for more places to rent. I found even more pre-foreclosures that were up for rent. Actual Real Estate ads with pictures of homes listed as “Save money! Rent month to month-in foreclosure.”  Most going for a lot less than normal rent would be. They seem to be renting too.

It did get me thinking though. If all these condos and houses are being rented, someone considered it and the thought of living in a place that could be foreclosed on soon did not seem to bother them. Do people understand the stress of a foreclosure or is it just because it is not technically “their” home that is getting foreclosed on and not their problem that it doesn’t bother them? Or is it just that everyone is struggling and they need a cheap place to live-foreclosure or not?

Is this normal? This kind of boggled me. I don’t know why this interested me so much but it did. I guess because we faced foreclosure and before the short sale dealt with people coming over from the bank to see the condition of the house- inspectors coming by to do their thing…just unnecessary traffic through our home that did not feel comfortable and was quite stressful. I would not ever intentionally want to go through that kind of stress-ever again.

Naturally, we have always liked that particular community and at that price, WOW! But, the reality is-we would probably be uprooting again in a few months to a year and I really don’t want to deal with that kind of situation. Especially when there are kids involved. To put the family through that much stress all over again, even if it is not “our” foreclosure to deal with-it is still going on around us and it is not worth it.

I guess I am just wondering why anyone else would do it? I guess if you are single? But even being single, why would you want to take the chance of coming home one day to all your stuff thrown outside and you are homeless when the place finally does get foreclosed on? I don’t know. I just had to ask because I really don’t get it…