Is it legal to rent or land contract a home you have a mortgage on?
Written By: admin on October 12, 2009
One Comment
Don’t want to lose the house, health problems have made it impossible to keep paying. Can we rent it out or land contract this home out to save our credit? michigan btw
I wouldn’t make any money on it, just pay the mortgage and insurance and taxes with the payment..
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As long as your mortgage does not specify that it be owner occupied.
You will have to change your insurance policy as well, it most likely does require you to live there.
You need to work the numbers to make sure selling is not a better option though, you have to take your income tax into account as the additional income may make this less of a viable option.