Worst case scenario they would call your loan and give you 7 days to pay up. If you have a lot of equity in the property that could be bad. If you don't have much equity it isn't much of a threat.

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Posted by GeeOH

Louisiana

Member since Dec 2013

13376 posts

Posted on 6/30/14 at 10:15 am to bobaftt1212

Just fricking lease it and pay your mortgage! Geez. If they find out, they will contact you and worry about it then. Also, make the remnant buy renters insurance for any small claims bs.

Trust us on this, wells Fargo coukdnt give a frick less about you if you are paying.

When someone drives your car, do you call the agent and ask if that person is covered? NO

You are overthinking!

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Posted by Fearthehat0307

Dallas, TX

Member since Dec 2007

65256 posts

Posted on 6/30/14 at 10:44 am to GrantTheFan

quote:
Because you keep asking the same questions after they've been answered. Change your insurance and keep making your payment, Wells Fargo isn't going to do anything as long as the payments are made. They have to deny your request in a CYA way for a myriad of reasons, mostly due to liability if they sell the servicing rights and the loan defaults after that date - if they told you it was ok to rent, but sold the loan as owner occupied, they would be forced to buy the loan back. You're thinking way too much about this. As for the lease-purchase, usually not a great idea for a couple reasons. One, the transaction would be very complicated unless you pay off Wells first. Two, the insurance scenario gets complicated if you don't pay off Wells, which it doesn't sound like you can do. Just rent it, if they get to a point where they can qualify for mortgage, great, sell it to them. Otherwise, just rent.

thanks, after thinking it over this is what i'm going to do. I was probably worrying too much and overthinking it. I just didn't want to do it and have them find out and screw myself and the renters over.

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