Can you rent part of your home after a loan modification?
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Can you rent part of your home after a loan modification?
Recently, a modification was done on my residence. However, now one of my brothers who is divorced has decided to move to my State and City. My residence has a spare bedroom, can I rent this unit to him. This would help me cover some bills in the home. I would still be living in the home: however, I would also be living part time in another city due to the nature of my job. In this second city I would be staying with my son and his family.
Asked on February 17, 2012 under Real Estate Law, Massachusetts
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
As a general matter, renting or subletting some of you home has nothing to do with your mortgage, refinance, modification, etc.--they should not affect each other.
Simply:
1) double check any loan agreements--if they bar you from doing this you cannot (the terms of any agreements you signed must be complied with)
2) check municipal ordinances about being a landlord, subletting, etc.--make sure you comply with any relevant ordinances, regulations, or law
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