View Single Post
Old 04-05-2007, 09:05 PM   #21 (permalink)
eileenbunny
Upright
 
Location: Columbia, MD
Quote:
Originally Posted by Cynthetiq
while your money does indeed go with you, if you leave your job, you will probably have to repay the outstanding balance within 30 to 90 days. If you can't make the payment, your loan will be considered in default and the balance will be considered as a taxable withdrawal. If you are under age 59-1/2, you also may have to pay a penalty for early withdrawal.

Most mortgage companies don't allow for subleasing or renting because they have different mortgages for rental properties where the interest rate is generally slightly higher. But it's not like they do bed checks and people can have multiple homes so there is nothing strange if you were to move elsewhere and have them change your address to a new location and still be paying the loan on that property.
Fortunately for my husband and I, our mortgage company never noticed that we were renting out one of our properties. The only way they really could have noticed was if they bothered to read the changes in our home owners insurance policy. Greentree might do this though and it's too risky not to change the insurance policy if you do decide to rent.
eileenbunny is offline  
 

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43