Posted on: 12th Jun, 2011 06:00 pm
I Bought a second home in Oregon. The mortgage says I can not rent. I plan to sell my first home and move into the second home in one year. Can I rent the second home for one year to defray costs without getting into trouble?
Hi jkmeteo!
Welcome to forums!
If it's mentioned in your mortgage docs that you cannot rent the property, then you won't be able to rent it for a year. If you do so, the lender may call the loan due immediately.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If it's mentioned in your mortgage docs that you cannot rent the property, then you won't be able to rent it for a year. If you do so, the lender may call the loan due immediately.
Feel free to ask if you've further queries.
Sussane
Can you ghet in trouble and will you get in trouble are two different questions.
You "can " get in trouble with the lender for renting more than 14 days of the year if the lender finds out.
How will the lender find out? Probably only if you do not pay your mortgage on time. I have no idea how else they would ever find out.
I am not permitted to tell you to do something that is "not proper" on the surface. Your intent is to sell and move in, just not for a year. You have not really fraudulently gotten a mortgage for rates better than investor property rates so you could own an investor property for many years at rates better than they are supposed to be.
I can not tell you it is proper and ok for you to do it.
I can suggest no one other than you will ever know you did this for a year.
You "can " get in trouble with the lender for renting more than 14 days of the year if the lender finds out.
How will the lender find out? Probably only if you do not pay your mortgage on time. I have no idea how else they would ever find out.
I am not permitted to tell you to do something that is "not proper" on the surface. Your intent is to sell and move in, just not for a year. You have not really fraudulently gotten a mortgage for rates better than investor property rates so you could own an investor property for many years at rates better than they are supposed to be.
I can not tell you it is proper and ok for you to do it.
I can suggest no one other than you will ever know you did this for a year.
