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View Diary: The price of doing bidness (211 comments)

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  •  That can only apply to property mortgaged as (0+ / 0-)

    rental property.  Purchase money mortgages and refinances of single-family properties have no provisions requiring credit checks if grandma or brother Fred moves in.  What they have are provisions requiring lender approval in writing to rent out all or a substantial portion of your home to a non-relative, or to prevent you from subdividing your property or turning it into a rooming house without obtaining written consent of the lender.  That's because renting out all or a portion of your home alters its status; it is no longer a single-family home, it is a rental property.  Everything changes when your home becomes a rental property - real estate tax valuations, property insurance rates, zoning restrictions, building codes, lender requirements, everything. So in that regarding, renting a room in someone's house is no different than renting an apartment.

    "Some folks rob you with a six-gun, some rob you with a fountain pen." - Woody Guthrie

    by Involuntary Exile on Sun May 05, 2013 at 11:19:10 AM PDT

    [ Parent ]

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