Profile picture for user679380

Will I lose my modification if I rent my house out after 2 years of being in the modification?

  • May 25 2012 - Staten Island
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Answers (2)

Profile picture for user366485
This should not be an issue if you were approved for HAMP.  Lenders (at least not the one I work for) do not typically re-evaluate borrowers who are already on a permanent modification.  Even if they were to review your situation and determine you are no longer occupying the property, HAMP only requires that the property be your primary residence at the time of approval.  I can double check for you, but I don't believe I've ever encountered an occupancy timeframe requirement in the final HAMP paperwork.

If the modification you received was not a HAMP and was a proprietary servicer or investor modification, then all bets are off as there is no guarantee that there was not some stipulation regarding occupancy in the agreement.  Review your modification agreement as soon as you can and determine whether or not there is any verbiage alluding to occupancy requirements post-mod.
  • June 14 2012
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Profile picture for sunnyview
Review your paperwork to see how long the residency period is because it can vary from what I read. 
  • June 14 2012
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