Can I Rent My House Before My Loan Modification Is Completed?
by Steve
I just made the 5th payment on my home loan modification and I'm still waiting to hear if I've been approved or not.
In the meantime, I've been offered a job opportunity out of state and I'd like to accept the offer. If I did I would have to rent out my house.
Will I still be eligible for the loan modification, if I have to move out of my house? I will be moving into an inexpensive apartment while I'm out of state.
Thanks, Steve
Mortgage Loan Modification Answer:
by Loan Modification Expert - Dan North
If your circumstances change after applying for a Loan modification the original request is still valid.
Renting out your home before you received a signed Loan Modification Agreement from your lender is not a problem unless they request additional documentation that would require you to report the additional income from rent.
You are not required to report that information if not asked for it, but if your lender discovers you no longer lived in the home before you had a signed loan modification agreement, you would be disqualified from the program.
You would have to leave your mailing address as the home address until after the loan modification agreement was signed.
Once the loan is modified and you have a signed loan modification agreement you are free to rent out your home.
Hardship Loan Modification - Do You Qualify? Free pre-qualifying for FasTrac Hardship Loan Modification. No charge to find out if you qualify and what modification you qualify for.
