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Renters could help mortgage owners keep their homes

February 9, 2010 - Homeowners who are struggling to make their mortgage payments may want to consider taking on renters, who could help them pay their bills on time.

As a result of the turbulent economy, many families welcomed new tenants into their homes by renting out an extra bedroom or unused space in order to prevent foreclosure, the Mercury News reports.

Maritza Wong, a housing counselor in Sunnyvale, California, told the newspaper that this "growing trend" is taking place among low-income families and individuals "who were making good money before losing their jobs."

While an extra roommate may help homeowners keep their homes during times when finances are low, experts recommend that individuals who are considering this option determine some ground rules before accepting a tenant.

For example, guidelines for cleanliness and allocations for appliance usage - particularly laundry facilities and televisions - should be laid out before a lease agreement is made.

Homeowners who are able to give potential tenants an idea of their average monthly contribution to utilities may also avoid future trouble with their renters.

These stipulations should be clearly laid out and agreed upon by both parties in an official lease agreement. Prospective landlords may want to consult a real estate agent before they draw up these papers.

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