Is it legal to rent out a house to pay the mortgage?
As others have mentioned here, it depends when the house becomes a rental. If you buy a house strictly to rent it out, then you MUST inform the mortgage lender, and they will charge you a higher rate. Also, they may not take the proposed rental income as qualifying income if you have been a landlord for less than 2 years.Now, if you buy a house and live in it as your primary residence for a while, and then decided to rent it out, it's a bit easier. You should inform your mortgage lender and they may charge you a fee but probably won't raise your rate or deny you.One small wrinkle. If you are still living in the house but decide to rent out a room or two while you are still living there, this is OK (though you should get some extra landlord's insurance), but should you wish to refi the mortgage you cannot use rental income from your primary home to qualify. You can use the rental income to pay the mortgage, but it can't be counted as qualifying income for a new loan on that house.
If a person can't pay their mortgage, how long does the process take from start to finish on foreclosure?
How long would a person have before they are actually thrown out of their house? How many payments would you have to miss? Can you buy yourself some time if you paid every other month? Or would paying every other month keep you in your house, but just ruin your credit?
Just found out the mortgage on the house I rent is in my landlord s deceased aunt s name and possibly going into foreclosure.?
I am a renter and have lived here for a year and a half. When I rented it the lady said it used to be her aunt s no biggie. Yesterday a guy showed up asking for the aunt saying he s with the mortgage company and left papers with notice of rights to an owner during foreclosure. I contacted my landlord who said it was a mix up with a payment and it s fixed. I know it takes more than one payment to get foreclosure started. I am mostly worried that the house or mortgage is 8n my landlord s name and now the mortgage company knows the aunt and the one on the mortgage is deceased. How worried should I be and how much time do I have if this goes bad?
How long after mortgage is signed can you leave your job?
I work for a lender and we usually re-verify employment after the loan funds. If you quit just a few weeks after signing, before making payments that looks EXTREMELY fishy... whether or not you meant it to be. Dependent on the lender, they may require you to re-qualify or make the loan due payable thinking you were just lying to get the loan. I know that's probably not the scenario, but because people have done that, now they have to anticipate it. Our company would probably make your loan due payable in full within 30 days. That means you'd have to either refinance very quickly or come up with the loan balance. I would make sure all your payments are 5 days early to the mortgage company from here on out if they don't take action against you.
How long can someone live in a house without paying rent?
Depends on the situation. If they never paid rent and were not there as a tenant, then they are a guest and they can ask them to leave immediately, telling them they are trespassers. Then have them arrested if they don't leave. If they have paid rent in the past, but have stopped, then the landlord can give them a three day notice to pay rent or quit. If they don't the landlord files for eviction, which can happen as soon as five days after filing. Then there is a hearing, often another five days. And then five days for the sheriff to show and bodily remove people and their crap, which is piled up on the street. The tenant has to pay all the legal fees, past due rent, and the sheriff costs. So you can be removed in less than a month. If you are the tenant, once an eviction is filed, you will have a terrible time ever renting again because it will be on your record. If someone is squatting, they can be removed immediately. Pay the effin' rent or get your *** out.
How can I stop a foreclosure? I cuurently have Guild Mortgage.?
I was married and purchased a house with my exhusband. We divorced and the house was court ordered to him. I still cant get my name out of the loan apparently. My ex husband let the house go on purpose and the house was on the foreclosure list... After receiving a notice through mail we were able to do a SHORT SALE . We were given an x number of time to get all the paper work done for me since I didn't know he let the house go for so long had about 2 weeks to do everything.... Everything was completed we have a buyer we did the contract everything all they needed was my tax return. The number provided to me by the realtor was incorrect so it prolonged the time that was given. After explaining this to guild mortgae they responded exactly as follows: ****The issue is the short sale file has been open for over 6 months and the Approval to Participate Form has expired. ****** My question is can something be done? I can't have this on my credit report I'm currently on the waiting list for the LAPD i'm 27 years old and need to know if I can still stop it? If you know something please reply I truly appreciate it. THank you!
At what age does the average person pay off their mortgage?
FiveThirtyEight has excellent analysis on this subject. Unsurprisingly, most "homeowners" that do not have a mortgage are older.If you do some simple stats on the table below (Home Ownership Analysis - Google Sheets) you can see that the average age of those that don't have a mortgage is around 63, compared with an average age of 50 for householders that still have a mortgage.Granted, not everyone householder without a mortgage just paid off the mortgage. My grandmother (for example) hasn't had a mortgage in 20 yrs.Based on this information, I'd peg the average age that a mortgage is paid off somewhere around 55-60.
Why do I still pay property taxes on a house that is paid off?
Why do I still pay property taxes on a house that is paid off?Because you own the property, just as you did when it had a mortgage on it. The city or county taxes all property owners a certain rate (example: $1.00 per $1,000 of assessed value) on their owned property.Likely, what’s confusing you is that when you had the mortgage, you wrote one check that paid for the mortgage (principle and interest) plus taxes and insurance. Let’s say you wrote a check every month for $1,000. You thought those payments would end once your mortgage was paid off. Well, the principle and interest did end. The taxes didn’t. You’re still paying maybe $200 a month (cities and counties often bill twice a year; in that case you might be paying $1,200 in June and another $1,200 in December). That never stops and, in all likelihood, will rise over time.The thing is: The services that your taxes pay for don’t stop. In many areas, much of the property tax goes to fund the schools. The schools have to remain open. The tax may also go for snow removal, leaf removal, garbage removal, road repairs, and other things. Those still need to be done. Therefore, the tax continues.