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OK to rent my condo after I finalized my loan modification?

The final paperwork on the loan modification specifically states that I must be the primary residence, what if I got a job offer and have to move, can I rent the condo? will I loose my modification?
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August 22 2011 - Portland
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They don't spend a lot of resources. A letter with a request for change of address. A quick phone call. Maybe a drive by to see if the same cars are in the driveway. Or, maybe every 6 months a friendly knock on the door.
Are you going to change your mailing address and phone numbers?

Happy funding, Rudi
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August 23 2011
Profile picture for sandraaung
Just spoke with an attorney who claims to be the resident expert on this matter, he says it is extremely unlikely the servicer of the loan will spend its resources sniffing out those who have left their homes and renting it. His advice is to not write a letter of explanation (which was my inclination) and to just rent it, he said that the loan has been modified and they will not reverse it. We could sell it with a financial loss or rent it and take a very small risk. 
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August 22 2011
Profile picture for wetdawgs
Of course people will move due to life events.  You may be able sell short, or foreclose or go back to the old terms.  It isn't a life sentence with the residence, but the modification wasn't a gift with no strings attached.

let us know what your attorney says.
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August 22 2011
Profile picture for sandraaung
I have been reading many blogs on this and it seems like there are a lot of folks in my boat...people, for whatever reason, cannot stay in their home forever. It doesn't make sense for the banks to expect "owners" to stay live in their homes for 10-20 years after finalizing a loan modification. What if you are 70 and then have to move into a care facility, what happens then?, there must be exceptions.
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August 22 2011
I am no defender of many bank's practices, but the principle of a loan modification is to keep someone in their home, not make an investor whole on an asset that's declined in value.
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August 22 2011
You know the rules. When they find out, which they will, you will go back to your pre-mod payment. If you have to move a short sale may be your best bet, if the lender approves that. Otherwise foreclosure. This is my personal opinion. For legal advice contact an attorney.

Best wishes, Rudi
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August 22 2011
 
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