My wife still owns her townhome and just rents it out to a family friend for about what we pay on it each month. This is fine for the most part, except that it prevents us from buying a new house together, since she's on the mortgage of her townhome still. How can we change the status of the property to rental? We're in MN.
2007-06-07 02:20:45 · 2 answers · asked by Josh R 2 in Business & Finance ➔ Renting & Real Estate
There is no such thing as changing a status of a property to 'rental', when it comes to obtaining a mortgage. I would venture that your wife obtained the townhouse mortgage on the basis of owner-occupancy. Do you really want to tell the lender that you are now using this as a rental investment property ?
2007-06-07 02:28:23 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Rent To Own Home - http://RentToOwnHome.uzaev.com/?tUzT
2016-07-11 23:33:28 · answer #2 · answered by Meredith 3 · 0⤊ 0⤋