Here’s the last of my series of articles that explain how I saved my own home from the brink of foreclosure by buying and setting up a house trailer for me to live in, and then renting out my house for as much rent as possible. today I’m able to make my payment each month, and on time as well. You may not be able to move a house trailer onto your property for one reason or the other. In that case, try anyway you can to find other housing for yourself so that you are able to rent out your house. It you can do this, you still have a chance of saving your home by renting it out and allowing others to make you mortgage payments for you.
You can receive a security deposit from your tenant upon taking possession of your house, in the state of Alaska equal to the amount of one month’s rent. Since I am renting my house out for $1250 a month I can expect to receive $2500 at the signing of the lease. This is much needed money to pay on the mortgage payment, and exactly the amount I needed to be able to avoid foreclosure on my home. If you are unsure you will be able to replace the security deposit before the end of the tenant’s lease, make your rental amount a little more than you need to pay the mortgage, utilities, taxes and insurance. Save back this extra amount every time you collect rents until you’ve reached the amount should you find yourself in the position of needing to reimburse it upon termination of the lease.
Many landlords allow the tenant to withhold the last month’s payment in lieu of the return of the security deposit in a verbal agreement made among themselves. The day of the lease signing was payday for me. Finally I was able to go to the bank and make that very needed payment.
My trailer has a third bedroom at the back end of it that has it’s own full bath. I was lucky enough to be able to make a deal with my plumber to rent it out to him for $500 a month. He is getting free rent for the work he has done and is still doing! He has a stable job he’s had for several years at a local heating and refrigeration company. He was helping me out as a side job.
Now you can relax and know that your house payments are getting paid for you. Your unemployment benefits will go alot farther because you have help paying the bills and mortgage payment. You still own your home, you just can not live in it at this time. When you are able to obtain employment, and get your finances in order once again, you can have the option to move back in your home and rent out the trailer as extra income, or to keep things the way they are. Either way, you have increased the value of your property just for having an extra place to rent out as future income. It’s an investment in your own property and your own future. In less than 1 year you will have made back the entire investment you have in the entire project, from start to finish! You will never have to worry about avoiding foreclosure ever again! After your home is paid for, this income will be secure income for your old age retirement as well. I’m counting on it for mine.
This was extreme, but it ‘s my true story and it really did work for me. I hope it can help someone else as well.