Upcoming Foreclosures

Can you rent a house that is in foreclosure/bank owned?

We are renting in NW Indiana. If this is possible, who can you inquire about with?

Public Comments

1. The bank is in the lending business not the rental business. They want to rid themselves of this property so no they will not rent it. You may be able to stay there as FNMA was , at one time, making the new buyer evict any tenant. You may want to find another place to live or stay there, saving your money to make the move as I haven't heard of banks charging you rent and being your previous landlord no longer owns it you don't have to pay them, until a new buyer comes to remove you.
2. A bank can, if it so chooses, rent REO (real estate owned)... however I am the Director of Real Estate and Vice President of my bank and we do not rent property we have foreclosed on. The protocol (basic) for this is to typically foreclose, sell at auction for at least an amount we have established as fair market value, and charge off any remaining balances to the debtor. If the property does not sell at auction for the amount we have set I will buy it and move it into REO as a bank asset. At this point anyone living in the home, on the property, or renting space in a building will need to either purchase the real estate outright or vacate. I would not suggest renting property that is in the process of foreclosure or property that a bank owns, simply because there are too many variables involved and thus lacks the stability you would be looking for as a tenant. If youre looking high end I would suggest something like Castle Keepers - a rent/lease program on luxury homes that are on the market to be sold...If not perhaps your local paper or craigslist would be a great place to start searching for a rental property that suits you and your needs. Good Luck.
3. Generally no - some banks are renting their properties rather than selling ... these properties are listed with real estate agents. Contact a local realtor for a complete list of available rentals.