Posted on: 25th Sep, 2013 11:47 pm
Will a person be able to rent out a property on which he holds the title and also has a loan? Or is it illegal to rent out the property till the loan is paid off in full?
Hi Tasha,
Many a times, it is clearly mentioned in the loan docs that you cannot rent the property while there is a mortgage on it. If such a clause is mentioned in the loan doc, then it will be illegal for the person to rent the property.
Take care
Many a times, it is clearly mentioned in the loan docs that you cannot rent the property while there is a mortgage on it. If such a clause is mentioned in the loan doc, then it will be illegal for the person to rent the property.
Take care
It is not illegal to rent a home with a loan on it. However, check the loan contract to make sure it would not be a breach of contract.
