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Message
re: Renting out property without mortgage holder's consent
Posted on 6/27/14 at 4:47 pm to LSUFanHouston
Posted on 6/27/14 at 4:47 pm to LSUFanHouston
quote:
Well good for them. However, the important thing here is, what does your mortgage say
Actually..... what really matters is what does your INSURANCE POLICY say.
Ultimately if you make the note payments the mortgage company will not even know.
What WOULD matter is if you have a loss on the property and the insurance carrier denies the claim because you misrepresented the risk.
House burns down, insurance does not pay, world of shite.....
eta:
Yall just started talking insurance before i got here.... weekend ruined
This post was edited on 6/27/14 at 4:48 pm
1
Posted on 6/27/14 at 7:16 pm to Mr.Perfect
The first house I bought I got a 1st time home buyers grant. The grant said I had to live in the home 9 years or pay back the grant(pro rated). Lived in it one year and then started renting it out. Homestead was dropped and the insurance policy was changed to a rental dwelling policy. I paid all payments on time and never heard a word out of anybody about it being rented. The home is now paid for and I have owned it 22 years.
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