Rental Basics in 90502>Question Details

Jun, Home Buyer in San Diego County, CA

HELP. I NEED to rent out my second home.

Asked by Jun, San Diego County, CA Fri Mar 22, 2013

I just recently lost my job. Hence the need to rent out full-time my second home now (w/ a second-home rider). The house is currently under water but I don't want to go through the hassle of loan mod and ruining my credit. I just need to rent it out and I'm good. What should I do? Can I negotiate with the lender to remove the rider? Thanks folks!

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Answers

6
Hello Jun,

Lenders are concern about performing loans. As long as your mortgage remains in good standing with your lender you are in good shape.

I'm a realtor in Torrance but at the same time run a small management company here in the South Bay Area for several investors since 1997. Let me know if I can be of assistance.

Yours truly,

Tony Masciotti
Keller Williams Realty
310.901.3600
1 vote Thank Flag Link Fri Mar 22, 2013
I have never heard of a bank foreclosing on a technical default before. Loans are written based on the borrowers intentions. Over time home owner's situations change and loans are sold to other banks. Servicing deptartments are concerned about performing loans.

If your home is in the Los Angeles area and you decide to rent your home, please contact me. I would be happy to help you find a renter and manage the property if you want. I currently manage other units.

Tony Warfield
Associate Broker
3 Leaf Realty
(310) 634-9342
Tony@3leafrealty.com
1 vote Thank Flag Link Fri Mar 22, 2013
Hi Jun, I have more information for you before you contact your lender. Please give me a call, so I can share with you my conversation. 310-634-9342
Flag Fri Mar 22, 2013
Hi Jun, I have placed a call to one of my very knowledgeable lenders and waiting for a call back. How long have you owned this property? Which bank is your mortgage with and is this the original lender? Is the home located in Torrance?
Flag Fri Mar 22, 2013
Thanks. But to comply, and perhaps a "CYA Method", I suppose I must contact the lender and notify them of my intention correct? What would be the likely response I will get?
Flag Fri Mar 22, 2013
I am looking to rent in South Bay - Torrance, Redondo Beach, Lawndale ...

Need 2-3 BR over 1000 sq ft, with garage.

You can call me at 310-529-7009.

Suzanne
0 votes Thank Flag Link Mon Jun 17, 2013
Hi Jun,
Since it says you are in San Diego County (even though the subject is 90502), I wanted to offer my services. If you need help in SD, let me know!

Thanks!
Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
brokermcallister@gmail.com EMAIL
0 votes Thank Flag Link Fri Mar 22, 2013
I agree, seek out a qualified realtor in the area of your home. There are individual Realtors that would help you and there are Property Management companies.
If the home is in the South Bay, I would be happy to help.
0 votes Thank Flag Link Fri Mar 22, 2013
Dear Jun,
Most Realtors will work with rentals you only need to contact a few local ones. You might also consider working with a property management company, they will also take care of the property. It will cost a bit more for their services though.
0 votes Thank Flag Link Fri Mar 22, 2013
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