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After permanent loan modification, can homeowner Rent out home after 6mos to leave for job opp for

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by antique1, Dec 29, 2010.

  1. antique1

    antique1 LoanSafe Member

    Hi All,

    After my permanent loan modification so far been paying it on time for six months (and had a previous loan modification which was declared null because of a problem with the attny signature (long story) had some scribbles, so really been paying for much more than a year!

    My question is can I rent out my home for a year? I would like to take a job for a contract for a year or less, and want to rent out instead of paying two rents.

    Also, jsut wondering about this as I've been asked by prospective tenants -- are lease options a violation of my mortgage loan and the loan modification? If the tenant comes in and wants to option also to purchase it at a good price (much more than the current mortgage due), and rents it, is that a violation of my mortgage and of my loan modifciation?

    Just want to be sure before I take the job contract, and if I can, to get a good tenant in place either with or without any option, or just rent it fair and square for a short period -- should I rent it for only 11months in order not to cause problems?.

    Thank you all...
  2. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    Read the terms of the agreement. Should be something about of conditions occupancy in there.
  3. TomEason

    TomEason LoanSafe Guide Staff Member

    Yes, you're allowed to do that. There's nothing in loan mod docs (at least nothing legally enforceable) that prohibits the borrower from moving. Go for it!

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