Rental Basics in 06084>Question Details

Jessica Roy, Home Seller in Tolland, CT

Do I need permission to rent my home out?

Asked by Jessica Roy, Tolland, CT Fri May 18, 2012

I was unable to sell my home and can no longer afford it. I wish to move. I found renters who I know well. Do I need to notify the bank/lender, if so, why? And can they refuse?

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Thank you all. I have lived here for 6 years and will definitely change my insurance!
0 votes Thank Flag Link Sat May 19, 2012
You do not need to call bank or lender unless their is a statement
in your mortgage papers that say you cannot must be
a prime resident there (CHFA loans).

You might want to call your insurance company to put
more liability coverage on your home.

Good luck.
0 votes Thank Flag Link Fri May 18, 2012
Hey jroy411,

There is no law that requires you to notify the lender. In fact at the closing you most likely signed an accupancy affidavit, which stated that you intended to occupy the property for at least 6 months. So as long you have been there over 6 months you can do what you like with your home.

I would stongly recommend that you inform your insurance company and change your policy to cover the liablility of tenants in your home. This most likely will cost you more, but if anything happens it is more than worth it. Do this before you negotiate your rent so that you can account for the increase in cost and you will be all set.

The bottom line... after 6 months as long as the lender is getting their money they don't care!

Good luck!
0 votes Thank Flag Link Fri May 18, 2012
Some mortgage loans require owner occupancy for a period of time. Some government loans that come with a discounted rate require this. The bank will need to know where you are living so they can send you certain notices and tax documents that you will need
0 votes Thank Flag Link Fri May 18, 2012
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