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re: Renting out property without mortgage holder's consent
Posted on 6/27/14 at 2:38 pm to 90proofprofessional
Posted on 6/27/14 at 2:38 pm to 90proofprofessional
quote:it was your typical conventional 30 year fixed rate loan from my understanding. it did change hands multiple times from my original bank to fannie to wells fargo I think.
Damn. Did you agree to that in your mortgage? If so, was it some special kind of loan program or something?
the notice I received states: At this time, our standard guidelines do not permit customers to rent their property if the loan was originated as an 'owner-occupied' residence
1
Posted on 6/27/14 at 2:46 pm to Fearthehat0307
quote:
At this time, our standard guidelines do not permit customers to rent their property if the loan was originated as an 'owner-occupied' residence
Well good for them. However, the important thing here is, what does your mortgage say.
A quick google search shows that other WF customers are having similar issues.
Pull out the original mortgage contract and read what it says. Take an attorney friend to dinner and have him read it if you need that. The fact that the loan changed hands is not relevant.
My experience has been, as long as the loan gets paid, the bank generally does not care. Yeah, their lawyers have to do their mumbo jumbo, but considering how many foreclosures they are still dealing with... they are not going to foreclose a mortgage that is paying promptly.
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