We purchased a new home in january 2007, and we have been tring to sell the other home we have had bad luck with selling it, but finally we found someone interested in it, but they wanted to rent it for a year so we agreed but no our mortgage company has contacted us because they said that we needed to put vacant insurance on this property, we told them the insurance has always been on it, they also asked us if there was someone living in the property we told they yes. but my worries are that we had fallen bedind on payments in the past and when we were trying to sell the home our mortgage company told us to apply for a loan modification that would just reagange the loan and add all late payments to it. but now they found out we have a tennet in the property and they told us that we cannot rent out the property. So do you think that we will still get this oan modification or do you think they will tell us that we cannot have it now. and what about the person in our home.
We have recieved a loan modification on our home we have someone in it can we still get the loan done.?
I think that they will allow the modification but will charge a higher interest rate than you would have received if you lived in it.
That's why lenders ask whether you live in it. If you don't, it's a higher risk because it's not the roof over your head.
We have recieved a loan modification on our home we have someone in it can we still get the loan done.?
Read the loan contract you signed. Whatever you agreed to in that contract is what they will do. If it says that you cannot have a tenant, than you cannot have a tenant. Especially if you in the past have broken your part of the deal (ie payments) than they could even call in the mortgage, meaning they can force you to pay the money back.
Again, read your contract, it spells out in detail what you have already agreed to that they can do if you brake the deal.
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