re: Renting out property without mortgage holder's consent

It is in all conventional mortgage language (Fannie/Freddie) that the mortgage cannot be assumed. This means that someone else cannot benefit off of your credit profile. Since the bonds that financed it are based off of your credit and not the new buyer's. Rental could be a gray area. There are hardship scenarios where you can rent it, but you would have to look at the actual language. However, the risk factors are far higher on rentals than owner/occupied. I believe then a bond backed mortgage would be able to be moved to immediate acceleration for the same reason. So yeah, don't tell them or they could" call your note. Most people change their insurance coverage when it becomes rental property, that is when they usually find out. We always had people who tried to finance rentals as owner/occupied, we could always tell by the insurance and the taxes.