Here Is The Situation.

I owe 45,000 dollars on a house worth 50,000. My parents are willing to let me take over payments on their house. It is worth 90,000, and they owe 55,000 on it. They are planning on re-financing it and taking out 10,000 to fix another house for themselves. Now here is what I was thinking. I want to take their house over and rent mine out. First I want to know if there is anything I should know about the renting out of my primary residence. Are there any mortgage issues that would prevent this from happening? Or will I be O.K. as long as the payments keep current? Now what about where they are sending the mortgage bill every month? If I move, how do I switch the address without alarming them? I could be way off the mark here, so forgive my ignorance.

any help would be greatly appreciated.

wishbonejones

Comments(8)

  • ligem26th July, 2004

    consider paying your mortgage electronically. That way there is no "paper". You can set it up so that they tap into your checking account for the monthly mortgage. Once the electronic payment is setup the paper bill is discontinued.

    If they do not have that arrangement, as your account to pay it for you. Or have a mortgage/tax paying service do it for you. Changing the address to another professional affiliation would not necessarily cause an alarm. You can always say that you are making some financial changes and this is how you want it done. They should be OK with this.

  • maw26th July, 2004

    When did you buy your current house? If longer than 6 months ago don't worry go ahead and change your address.

  • wishbonejones26th July, 2004

    So if it has been longer than six months, I should'nt have any problems?

  • bengills16th August, 2004

    I used to work for a bank and we would change addresses all the time. Customers would say they were moving to their winter home in Florida or wanted statements sent to P.O. box or some other excuse. So we would just change their addy. We would never ask we just did it an said "have a nice day." This is nothing to worry about, there are much bigger fish to fry if you are getting into REI.

  • mark261616th August, 2004

    Yeah, I'd rent a mailbox at the UPS store or whatever. Hundred bucks a year and many benefits.

  • Wulfster16th August, 2004

    I moved to a new home and still have a mortgage on my old home. The mortgage company changed my address without me asking them to (they must have gotten it off of the insurance/tax bill). They've never asked me about it; there's no reason as long as the bill gets paid on time.

  • wishbonejones17th August, 2004

    thank you everybody!

  • kenmax17th August, 2004

    in this instance they just want the money...kenmax

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