Do I tell CW that I am going to rent out my home?

[DownInArkansas]

I tried to call Countrywide BEFORE I was late on payments. They said they couldn't even talk to me until I was "in arrears." I am now 2 payments behind, and want to call them and tell them that I will make one payment the first week of May and plan on being "caught up" by July. I don't live in the home, and if I have to I will try a DIL, but I have someone interested in renting it starting May 1, and that sounds better than losing the house altogether.

So, my question is, if I tell them that I will be renting it out, will they call the note? If I change my insurance to a landlord policy, will they notice?

[Maurice Bedard]

They just want their payments and will work with you. The best thing to do is communicate with them and make sure you get back to the loss mitigation department. Renting it out is definitely better than losing it in foreclosure. They will not call the note and they will notice the change, but not care. Thats my thoughts and hope my 2 cents helps. Take care!

[DownInArkansas]

Thanks so much for the quick response!

Stupid question, though... So should I just call the 800 number that is on the bill, or should I call one of the numbers y'all have listed in the threads? Should I call right away, or should I wait until I will be able to bring my mortgage current (in July) and just stay 2 months behind until then?

Sorry to be so dumb at all of this. I've looked through the threads, and didn't see any that really matched up with my situation exactly.

If you need more info, let me know. If you need the full background, I'll be glad to post my sob story - but it's a long and weird one!

[ProfessorShays]

I can't think of a good reason to let them know you are renting the property. They are more likely to be sympathetic to your situation if they assume you are dealing with your residence rather than income property.

Daniel