Ask Experts Questions for FREE Help !
Ask
    mamanana's Avatar
    mamanana Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Apr 14, 2009, 07:38 AM
    Can I rent out a FanieMae?
    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
    Xyzpdq0121's Avatar
    Xyzpdq0121 Posts: 85, Reputation: 6
    Junior Member
    		  
    #2

    Apr 14, 2009, 08:46 AM

    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.
    mamanana's Avatar
    mamanana Posts: 4, Reputation: 1
    New Member
    		  
    #3

    Apr 14, 2009, 09:24 AM
    Quote Originally Posted by Xyzpdq0121 View Post
    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:
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Rent increase on rent control in Jersey City, NJ [ 6 Answers ]

Does anyone know the what the percentage of rental increase is for a rent control building in Jersey City? Also, can the landlord ask for additional deposit for the rental unit? Thanks... Jay

Eviction for Non Payment of Rent after determination of rent hearing [ 2 Answers ]

A Eviction for Non Payment of Rent is in process and a determination of rent hearing has already been heard in the State of Florida. The Judge order the tenants to pay rent due within 24 hours. If tenants pay the court ordered amount, how much longer do the tenants get to stay in the house?

I rent in Florida, we received a Foreclosure notice Do we have to pay our rent [ 2 Answers ]

We rent through a leasing company, We were served Foreclosure papers, Is it not illegeal for the owner to collect rent if he is in foreclosure. Can we stop paying rent? Our lease is up April 27th and the way things are backed up the eviction would not happen on my watch I hear 6month to 9mon...

Injured on property where I rent, my rent is now behind and my lease is expired. [ 9 Answers ]

This is a slightly complicated situation. I live in the state of MO. About 5 months ago I was injured on the property due to the negligence of my landlord and the conditions of the building I live in. The landlord dug a hole in the front yard deeper than I am tall and the steps in the back have no...

Does 3 day Pay rent or quit notice include only rent? [ 2 Answers ]

Hello, My tenant paid $500 to get into my house (California). He was supposed to pay $3300 ($1800 rent + $2000 deposit) by 4th June. This was stated in contract. Instead he paid $1000 on 06/06. He deposited in my bank account. So if I want to give him a 3day pay rent or quit notice, should I...

View more questions Search