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Homeowners make hasty amends to avoid foreclosures in Houston, Texas

By john | August 11, 2008

Though a bill was recently cleared by Capitol Hill Lawmakers to help people avoid foreclosures, allowing homeowners to refinance their currents loans into ones backed by the government, some Houstonian house owners are taking their own immediate steps to stop from their properties becoming one on a long, growing list of Houston foreclosure homes. In a simple but sensible move, they are renting out rooms in their own houses to reduce the risk of foreclosure. The uncertain economy combined with rising interest rates in the debt market is rendering many borrowers insufficient to repay neither their mortgages nor the mounting interests on them and has forced them into the uneasy position of making their homes into one of the many Houston foreclosure homes.

Houston, Texas

John Solis adores his home, a building with an 88-year old history, part of the Heights, one of Houston’s oldest neighborhoods. To avoid it from becoming one of the many Houston foreclosure homes, he doesn’t have an option but to allow renters into it.

Recently relieved from a job, Solis says it is up to him to make ways to earn his bread and butter. One of these ways is to rent out his spare bedroom in his much-loved house for very much welcomed amount of $700 per month. Apart from covering the mortgage, Solis feels this money will also help him in handling the problem of rising fuel cots.

On a national scale, experts say the rooms for rent have escalated exponentially, more than doubling in a few states across the country.

Claire Hudson, on the other hand, feels finding the right person as a roommate may not be so easy. She had to interview 20 people before finding the right one. She felt trying to get prospective renters to speak with her so that she could have maximum information about the person.

Putting up a room on rent though, is not an option for every other homeowner. Quite a few neighborhoods, prominently the ones who are new, are not allowed to do so because of the deed they have signed. But for house owners like Solis, it’s an option he has to but consider unless he wants his property to become yet another of the Houston foreclosure homes.

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