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re: Renting out property without mortgage holder's consent
Posted on 6/28/14 at 9:30 am to Teddy Ruxpin
Posted on 6/28/14 at 9:30 am to Teddy Ruxpin
quote:
shite, I wasn't even aware the mortgage holder could keep you from renting. Well, "could" is a wrong word, I just didn't think it was prevalent. Sort of like how I've never run into a loan that had a prepayment penalty.
Failing to use and occupy the property as a residence is almost always an act of default under residential mortgages. Most mortgage companies honestly don't care as long as they are getting paid. Especially the large services. /not legal advice./
1
Posted on 6/29/14 at 9:55 am to rmc
quote:
Failing to use and occupy the property as a residence is almost always an act of default under residential mortgages. Most mortgage companies honestly don't care as long as they are getting paid. Especially the large services. /not legal advice./
Sad part is I'm a lawyer...Good news is I wouldn't nail you on the legal advice.
I always figured the "non occupation" was more along the lines of lack of maintenance and abandonment. But whatever floats their boat.
This post was edited on 6/29/14 at 9:56 am
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