Posted by River City on June 10, 2004 at 11:33:35:
Your lender also needs to know where you live so they can contact you when needed as they are required to send you documentation under certain circumstances.
personal home now rental dwelling - Posted by Ang
Posted by Ang on June 07, 2004 at 12:20:50:
I purchased a home and lived in it, then I decided to move and bought a new house. Instead of selling old home I was told I could rent it out, so I have done so. Am I suppose to make my bank aware that I no longer live in the old home and now are renting it out; and living else where?
Re: personal home now rental dwelling - Posted by sptk
Posted by sptk on June 07, 2004 at 20:35:55:
Did you live there more than a year? Has your house appreciated in value since you bought it? Non-owner occupied property has more risk of low selling price if foreclosure is necessary. Banks often charge a higher interest rate for this. If you lived there for a year and the house has gone up in value, the bank may not get excited. You really should have contacted them before doing this. You should still contact them now. You did change your insurance to non-owner occupied insurance, didn’t you? You don’t want to have a claim if you didn’t do this. Insurance companies love to have a reason not to pay off on a claim. Keeping your insurance intact is probably a condition of the loan.
Speednxs