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re: Renting out property without mortgage holder's consent
Posted on 6/28/14 at 9:55 am to StrangeBrew
Posted on 6/28/14 at 9:55 am to StrangeBrew
quote:what I gather from this thread is pretty much as long as you pay your mortgage it should be all good. my concern is them finding out if I switch insurance or/and do a lease purchase agreement. wouldn't they find out then?
My advice to you is to stay off the phone to Wells Fargo. Pay them their money every month or refinance it as a rental property you will pay more in interest but you would above board with everyone.
1
Posted on 6/28/14 at 10:26 am to Fearthehat0307
quote:
my concern
Things do not exist in a vacuum. If you are concerned,then you should check into refinancing it as a rental. This does not have to be done through wells. Go online and check out what the options are. Are you in a new primary residence or are you renting?
If you did not purchase the home as owner occupied with your true intent being to turn it into a rental, you did not commit fraud. I do not know what your mortgage contract states so I can not comment on the letter you received from Wells.
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