Can I Rent my Home after a Mortgage Modification?

Homeowners who are experiencing a hardship and are considering applying for a mortgage modification may wonder if the home may be rented after a mortgage modification. This may happen if the home in question is a rental home, vacation home, or any other type of second home.

Whether or not the home may be rented after a mortgage modification depends on what the particular mortgage modification agreement says. A mortgage modification agreement could state that the homeowners must live in the home. However, many times the agreement stays silent on the issue, so that the homeowners do not have to live in the home.

The Mortgage Modification Center

If you are considering a mortgage modification, and want to make sure that you can rent the home out after a mortgage modification, contacting a professional may be your best bet. The professional will know the typical requirements of the mortgage company and will be able to handle your application. For your free initial consultation, please reach out to the Mortgage Modification Center at (401) 467-7998. Attorney John S. Simonian has helped many Rhode Island families with their mortgage modifications.