The New Landlord

by Isaac Benmergui, Esq on December 28, 2011

Many homeowners with underwater mortgages are doing the only thing they can do to pay their mortgage without an adequate short sale on their home – they’re turning the property into rental income. Fortunately at the moment in South Florida, they have a favorable rental market with a 90 percent rental occupancy rate in Broward and Palm Beach counties.

Unfortunately for the homeowner, however, they’re learning what it means to be a landlord. While putting rent money towards the underwater loan, homeowners still must pay maintenance costs. Whether replacing a dishwasher or a new roof, the cost is on the new landlord, the homeowner, who no longer has the privilege of living in the house. But he still pays for it.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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