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Answers (9)
- Pelin Guzel, "Pelin Guzel"
- Contributions:31
You should definitely consult with a Real Estate attorney to learn more about your rights. It will give you more confidence during buying process. Good luck...
Rudi's answer is right on, see a RE lawyer
- Johnny James, "Palmdale Mortgage"
- Contributions:406
of course you are not "suppose" to but if your payments are current they have no real reason to be digging around.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
As long as you keep making your payments the bank will not care.
- Justin Kennedy
- Contributions:692
yes it is a problem, you signed the occupancy clause; some loan documents contain verbiage within the clause that it maybe wavied with documented a hardship, job transfer, etc.
if the investor does a QC check, transfer/sales your note to investor during the next 6 months' and discovers the property is a investor, you, the lender, and/or investor may require a re-purchase.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
In this current housing market it is doubtful, even if they could demand payment in full for not abiding by this article, the lender wouldn't, as long as payments are made on time.
THIS IS NOT LEGAL ADVICE. FOR LEDAL ADVICE CONSULT A REAL ESTATE ATTORNEY.
- Scott@Penner Law -Hartford Title-, "pennerlaw"
- Contributions:280
It depends on what your mortgage says.
- ounlopez
- Contributions:2
Okay, but should I contact the bank?
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Yes you can rent it out.
Can I rent out my primary residence after 6 months?
We were considering doing some remodeling on the new house, so we might actually need to stay in our condo while that happens.
Should I contact my current bank, or is that asking for more problems? All the lenders I talk to about a new loan say not to worry about the other. We can afford payments on both, without renting the condo out. The current loan is a 25-year conventional, not FHA.
Please help!
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