Pre-Foreclosure Leasing reviews? Is this for real or a scam?

fighton

LoanSafe Member
Dec 10, 2010
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So I have decided to start looking around online for a place to rent. I went online on craigslist and found some ads that look to be from some type of property management company. The price and home look great. I called then and they said this home is a pre-forclosure leasing. That they can keep my in that home from 6 months to 2 years? I am not comfortable of this idea or if this is a scam? Can anyone share or provide some feedback? Thank you.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Well, it is not a scam because they are disclosing this to you. If they have own the home or are managing it for someone is foreclosure, then this is actually more up front then most of the other private party lessors who are not disclosing this foreclosure fact and thus scamming people.

6 months to 2 years seems right. The facts are that some servicers take from 6 months to 2 years to foreclose and until that happens, it can be rented as this ad discloses.