2006-07-15 07:46:33 · 7 answers · asked by Mel 2 in Business & Finance ➔ Renting & Real Estate
It depends on the type of loan. If the loan is "OO" (owner occupied) or "NOO" (non-owner occupied). Also FHA and VA have very strict rules about occupying the house if you have one of their loans. Check with your mortgage company regarding the specific clauses with your loan type.
2006-07-15 07:51:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
For example: If the owner of the home didn't pay his 2004 taxes and still owes $500, then the IRS places a lien on his home. The lien is a judgment - a court issued document - and it is recorded at the county recorder's office in the county where the property owners home is. The lien just stays there until the home is sold by the 'owner' , not the IRS. The owner might not sell for 10 more years or so, or never, but when he does sell....from the profits of the sale, the IRS gets their money first, before anyone else (buyer) gets theirs. In the meantime it doesn't affect renting the home, remodeling, who lives in it, etc.
2006-07-15 15:22:27 · answer #2 · answered by nothing 6 · 0⤊ 0⤋
A lien on a house or any property for that matter, only means that a debt is held against it and any sale proceeds will have to go to the pay off the debt. The lien holder may force a sale to collect the debt but all of the other encumbrances will still be on the house. (mtg.(s) or taxes, etc.)
2006-07-15 16:41:30 · answer #3 · answered by C B 6 · 0⤊ 0⤋
Yes, the owner can rent it out.
2006-07-15 14:51:47 · answer #4 · answered by igotalife2000 2 · 0⤊ 0⤋
A lien on the house will be a problem when you sell it, but is not a problem if you rent it out.
2006-07-15 14:52:24 · answer #5 · answered by Lori A 6 · 0⤊ 0⤋
You can rent it out. But you need to pay that lean off it can't be that much.
2006-07-15 14:52:28 · answer #6 · answered by winnp1 3 · 0⤊ 0⤋
you can still rent it out
2006-07-15 15:32:27 · answer #7 · answered by devika h 2 · 0⤊ 0⤋