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Change second home to investment home

Profile picture for bluegilllady
i have a home in az mortgaged with bank of america as a second home with second home rider that states i cannot rent it. due to personal situation my husband and i would like to now rent it. What do i have to do to get permission to rent it. Can BofA give me an addendum to loan and allow me to rent it if i ask. Will i have to refi as investment property? what if i cannot refi because i am underwater? i am not asking to lower monthly payment or interest, i just want to be able to legally rent it. I have no financial hardship as i can make the mortgage payment, i just do not want the house to sit empty. amount left on loan is 166,000 , house valu approx 140,00 - 150,000. interest rate is 6% Any suggestions as to how i can legally rent this home.
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January 12 - Prescott Valley
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Profile picture for Courtesy Mortgage
Why don't you try asking your occupancy question to Bank of America?

If you want to refinance it, you best option would be if the current loan is Fannie Mae or Freddie Mac owned which would allow you to refinance in the HARP program.   If it is not one of those, you would need to bring a large amount of cash into closing to refinance.
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January 12
 

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