Can I Rent My Home Out After A Making Home Affordable Loan Modification
I have been approved for a making home affordable loan modification.
I may have to relocate in a few months for business purposes.
If I decide to rent out my house, will that void my modification under the Obama plan?
I know the house has to be your primary residence to qualify for the program, but is there a certain amount of time, if at all, you have to wait until you can rent the home?
Mortgage Loan Modification Answer:
by Loan Modification Expert - Dan North
If at the time the applications are made and affidavits are sign, attested to and all documentation is factual, there is not fraud.
The determining factor is that when you made all submissions there was no fraud and all documentation and attests were factual at that time.
If after the fact you rented the your home out this would not disqualify you from the Making Home Affordable Loan Modification Program and would not void the modification you have.
The mortgage once permanently modified is your new contract and is legally binding on both you and your lender.
I would suggest waiting until the modification is made permanent in case your lender asks for new documents between the start of the trial modification and the permanent modification. That way you will not be in the position of having to hide information to qualify for the program.
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