SOMEONE HELP ME PLEASE. NEED SOME ADVICE

Profile picture for bluegilllady
I HAVE A HOME IN AZ MORTGAGED WITH BANK OF AMERICA AS A SECOND HOME. I WANT TO NOW RENT IT. WILL BANK ALLOW ME TO RENT IT IF I ASK THEM AND WHO DO I ASK. DO NOT WANT TO SELL AS I AM UNDERWATER BY APPROX 15 -20K. DON'T THINK I CAN REFI AS I DON'T THINK MY MORTGAGE IS OWNED BY FREDDIE OR FANNIE.  ANY SUGGESTIONS ANYONE. I JUST WANT TO LEGALLY RENT IT, DO NOT WANT TO CHANGE ANY TERMS OF THE LOAN. SOMEONE HELP ME PLEASE. GIVE ME SOME SUGGESTIONS.
THANK YOU VERY MUCH FOR YOUR TIME
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February 04 - Prescott Valley
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Answers (6)

Profile picture for PrescottBrad
I agree with Bob on this one.. seek attorney advice. interesting that you would ask.. most people do not and lease their property anyway. 
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February 06
Profile picture for Bob Hertzog
Folks, I hate to break it to you, but if you indicated on your loan documents that your home is your personal residence, and your lender loaned you the money based on this affirmation, you could be committing fraud by renting the home to a tenant, unless you have written approval from your lender. The bottom line is, if there is any question, seek the advice of a qualified real estate attorney before proceeding with the rental option.

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February 04
Profile picture for karylmoore
You don't need the bank's permission to rent your house.  You can do a short sale, whether your mortgage is backed by Fannie Mae or Freddie Mac or not.
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February 04
Profile picture for Bob Hertzog
Before renting it out, you need to go back through your mortgage documents to see if this is allowed.  If it is allowed, you'll need to contact your insurance company and let them know as well.  The new HARP 2.0 program that was announced in October only pertains to Fannie & Freddie mortgages, as you have pointed out.  However, President Obama just announced enhancements to the program last week.  Basically, he is going to ask Congress to pass legislation that would force private lenders to participate as well.  While many think it's doubtful that Congress will pass this legislation, it may be worthwhile to sit back and see how it unfolds over the next 30-60 days.
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February 04
Profile picture for NicholasRibeiro
Look into a possible short sale
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February 04
Profile picture for White Picture
You need not to ask anyone, just rent it as you wish, remember, include the rental income in your tax return.
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February 04
 

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