Jun
06
is a lease valid on a house not mortgaged as rental property with landlord’s lender?
By
My room mate and i rent a house and we found out that the house isn’t mortgaged as rental property, it’s just listed as our LL being the primary dweller of the residence. From what I’ve gathered by different sites and info, is that a person with a mortgage has to go to their lender and get a consent to lease before they can rent out their house? if this is correct is the lease we signed even legally binding?
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3 Comments
June 7th, 2010 at 10:22 pm
YES, it is binding on you
June 9th, 2010 at 8:39 pm
Yes. Your agreement has nothing to do with the agreement between him and the bank. I’m curious, how exactly did you obtain information about his mortgage?
June 10th, 2010 at 11:36 am
The lease is a legal binding contract between you and your landlord. His mortgage is none of your concern. Be very careful what you say to landlord or he will evict you. With an eviction on your credit report you are screwed for the next 7 years.