I have a home currently in foreclosure.. Bank is working with me in their mitigation dept.. Just got a forbearence ref to a new job... Can I rent out this prop and move into another smaller property? I took this loan out 2006... I don't owe anything on the prop I want to move to... Just want to reduce my overhead and cost of living... Even if I need to wait until the FC is over, is OK... Just really need to know... Thanks, :D

Ummm, Ya there is really no reason you can rent out a FNMA loan, FHA loans really only have those restrictions. The only exception to this is if you purchased the home as a HUD foreclosure, but you are past the 2 year "no rental" phase of a HUD property. The only other restriction could be if your home is located within a PUD (planned unit development or Home Owners Association), that could restrict your right to rent the property out. Note: Renting your property out WILL change things if you try to file for help under the new stimulus plan and you have to check your forbearance paperwork to make sure that you did agree that the home will me primary occupancy only. Renting it out could change your agreements or any help you can get from them in the future.

Ummm, Ya there is really no reason you can rent out a FNMA loan, FHA loans really only have those restrictions. The only exception to this is if you purchased the home as a HUD foreclosure, but you are past the 2 year "no rental" phase of a HUD property. The only other restriction could be if your home is located within a PUD (planned unit development or Home Owners Association), that could restrict your right to rent the property out. Note: Renting your property out WILL change things if you try to file for help under the new stimulus plan and you have to check your forbearance paperwork to make sure that you did agree that the home will me primary occupancy only. Renting it out could change your agreements or any help you can get from them in the future.

Thanks for the info so fast... I need to ask the mitigator I guess... All of this just took place last Friday.. I don't have any paperwork yet to review
Will try to keep you posted on the progress of this new adventure in my life.. thanks again and have a good day... sallie:confused: