Home > Blogs > Nina Rogoff > Nina Rogoff's (ninarogoff) Blog

Before You Rent Your Home Check Your Mortgage Clauses

By Nina Rogoff

Real Estate Agent

June 16, 2011 01:35 PM

reading the fine print Sometimes homeowners decide to rent their home rather than sell. This is America! Land of the free! Home of the...mortgage contingencies.

Before your start checking a potential tenant's credit scores and references there's something else you need to do.

Make sure your mortgage does not specify that your home must be owner occupied. FHA loans and certain refinance situations may require this. Best to check with your mortgage company, or an attorney, to make sure! You don't want to find yourself in default for violating the terms of the mortgage and have the mortgage company call the loan.

Re-Blog

Comments(13)

Comment

Show All Comments

Sort:

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Nina....yes, this is America....good thinking, Nina....you're right on the ball with that one....

Jun 16, 2011 01:40 PM

Nina Rogoff

Boston, MA

Wix Websites for Real Estate Agents

Thank you, Barbara! I learn from the best!

Jun 16, 2011 02:19 PM

Christine Smith

Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA

Exclusive Buyer Agent & Attorney, Canton, MA

This is something many people forget to think about. I believe Mass Housing loans have a strict owner occupancy provision too.

Jun 16, 2011 02:44 PM

Michele Cadogan 917-861-9166

Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY

Licensed Real Estate Associate Broker -

Good reminder- The average homeowner is so concern with trying to save their home they may not remember that this clause is in their mortgage.

Jun 16, 2011 03:43 PM

Kim Gero

Verani Realty - Center Ossipee, NH

Associate Broker, REALTOR®

Thanks for the information Nina. This is something that I didn't think about. I wonder how many people actually know this?

Jun 17, 2011 12:34 AM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Great heads up Nina...people don't check the clauses just like whether or not they have pre-payment clauses...great info!

Jun 17, 2011 12:51 AM

Christine...thanks for pointing that out about Mass Housing loans!

Hi, Michele...I think most people simply think that since they "own" the house they can do what they want with it. It makes sense until you remember that you don't actually "own" your home.

Kim...you're right...I'm not usually involved in rentals and didn't know this either.

Ginny...unfortunately mortgage documents are usually overwhelming and difficult to read. Wouldn't it be nice to have a one page sheet that said "Important things you need to know about your mortgage". It could list the things the homeowner really has to know...like any pre-payment clauses, or owner occupancy requirements! Thanks for pointing that out!

Jun 17, 2011 01:42 AM

Nina....this post too has been picked up by Canton Patch - saw it on today's home page. Good work!

Jun 17, 2011 03:58 AM

Gay E. Rosen

Julia B. Fee Sotheby's International Realty - Larchmont, NY

As Real as Real Estate Gets!

Nina - good thought.. LOL G

Jun 17, 2011 12:28 PM

Jeff&Grace Safrin

F.C.Tucker 1st Team Real Estate - Valparaiso, IN

SpousesSellingHousesTM

It amazes us how many REALTORS suggest this to clients LOL then along we come as the 2nd or third listing appointment and they usually call us back and thank us and on occasion, we have gained the listing also!

Jun 17, 2011 02:59 PM

Erika Rogers

Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT

St George Utah Real Estate & Relocation Specialist

Nina, good advice to pass along to home owners. Have a great weekend!

Jun 18, 2011 12:03 PM

Thanks for letting me know, Christine! I appreciate the reblog by Canton Patch.

Hi, Gay...have to give credit to Barbara Todaro. I'm fortunate to have such a knowledgeable mentor.

I have chosen not to be involved as a rental agent, Grace and Jeff...strictly sales. There are very few rentals in our community. When people call about rentals I just try to help out by passing along information about any rentals I've heard of.

Hi, Erika...thanks! It's something else I'll share with homeowners if they ask.

Jun 18, 2011 03:44 PM

Anonymous

arrdhii

7KtQ53 ipuhlvkruutu

Mar 11, 2012 04:17 PM

#13

Before You Rent Your Home Check Your Mortgage Clauses

Comments(13)

Nina Rogoff

Service Areas

Real Estate Resources

Recent Posts

Additional Information