I am currently seeking to modify my mortgage due to loss of income. I also discovered that I may be up for a promotion that would require me to leave the state and work for several years.
If the loan modification goes through, and I get the promotion and have to move, can I rent my home out while I am away?
Mortgage Loan Modification Answer:
by Loan Modification Expert - Dan North
Yes you can rent your home out.
Sounds like you may be moving into the investment property game.
As a note: While it is required under the government programs, such as HOPE For Homeowners, that a home must be a primary residence to qualify for a mortgage loan modification, this does not mean that you cannot modify a secondary home or investment property.
We regularly get loan modifications done on vacation homes, rentals and other investment properties.
The lender is only in the business of making money. It makes no difference how the property is used.
If you have the ability to pay the modified loan payments the lender will generally modify the mortgage as they already know how much money they will lose if they foreclose on the home.
If you do not have the ability to pay the modified payment the lender will move forward with the home foreclosure process.
