Renting - Landlord Forum thread 352862

Renting by speakerbox03 (NC) on June 20, 2017 @23:27

I own a home with a mortgage for 6 yrs now. Kids have moved out but house needs some repairs which I can't afford. Have a family member who is willing to take over payments. Do I have to have them legally assume the mortgage? Can they just make payments to me and i continue to make payments to the bank? Is this the same as renting my house? What happens if I don't inform my lender someone else is living in the house and renting it?

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Re: Renting by Anonymous on June 21, 2017 @00:26	[ Reply ]

Two main things to consider; The bank can call in the loan and your insurance company can drop your insurance.

Re: Renting

Re: Renting by Mike on June 22, 2017 @01:22	[ Reply ]

You would stay while this other family member moves in with you as a roommate? If that is correct, then you are fine to rent it. Keep the mortgage in your name. Family member pays you, you pay the bank. if the mortgage was for a traditional primary residence dwelling, they only ask that you stay there for a year or two. I've never seen a bank say anything more than 2 years. so after 6 years, you can rent no problem without the bank having a worry.

Re: Renting by lamac66 (ga) on June 23, 2017 @08:52	[ Reply ]

Are you selling to your family member or renting? Whatever case you need to get legal binding contract...ie a lease if you plan to rent. I would emphasize that they are a tenant and will be treated as such. If they don't understand that then you best not go that route. Emphasize they would be treated like any other tenant. As far as taking over payments, I cant speak on that. You should consult realestate lawyer.