Posted on: 16th Sep, 2007 02:53 pm
is it legal to rent mortgaed home in texas..vacant for over year..only home I own
Hi Angel,
Welcome to the forum.
In Texas, it is absolutely legal to rent a home with mortgage on it. In case of renting, you will have to pay off the mortgage with the rent amount that you will be receiving every month.
Welcome to the forum.
In Texas, it is absolutely legal to rent a home with mortgage on it. In case of renting, you will have to pay off the mortgage with the rent amount that you will be receiving every month.
Not only are you allowed to rent it, most lenders would actually prefer it. Nothing is worse to a lender than a vacant house.
When an investor with multiple homes tries to purchase a home the lenders ask for all of their existing leases and rental agreements and use this information to qualify along with their credit and everything else.
When an investor with multiple homes tries to purchase a home the lenders ask for all of their existing leases and rental agreements and use this information to qualify along with their credit and everything else.
