Legal Suggetions Needed (contract, Realtor, insurance, loan)

[NEEDMORESPACE]

CURRENTLY BUYING A HOUSE (FIRST HOME) 5 YEARS PASSED NOW NEED MORE SPACE. DISINTERESTED IN SELLING, WANT TO KEEP CURRENTLY LAND BUT CAN'T BECAUSE IT'S IN WITH HOUSE, UNSURE IF CAN RENT DUE TO 25 YEARS MORTGAGE REMAINING. WILLING TO RELOCATE. WHAT DO I DO? PLEASE HELP:

[Figment 07]

Let me see if I understand your situation:

1. You own a house (buying it -- in Alabama, I assume, since you posted in the AL forum) and have paid five years of your 30-year mortgage.

2. You've outgrown the house and need to move, but you like the land and location; however, the mortgage covered the land purchase in addition to the house, so it's a package.

3. You actually would prefer to keep the house and rent it out, but aren't sure your mortgage company allows that.

Have I got that right so far?

[dncngrl1964]

Originally Posted by Figment 07

Let me see if I understand your situation:

1. You own a house (buying it -- in Alabama, I assume, since you posted in the AL forum) and have paid five years of your 30-year mortgage.

2. You've outgrown the house and need to move, but you like the land and location; however, the mortgage covered the land purchase in addition to the house, so it's a package.

3. You actually would prefer to keep the house and rent it out, but aren't sure your mortgage company allows that.

Have I got that right so far?

That's what I heard

[Karla with a K]

why not see if there is equity and add on to the house ?

[LarryMorris]

I'm thinking it's a manufactured home and the loan covered both.

If so, he could possibly put together a package where he sells the old home but keeps the land and puts a larger Mfg home on it. It would most likely require new financing unless the current lender will work with him.

If not, myfask has a good point.

If Figment07 is correct then the lender will most likely let you rent. They do have a clause stating that the note can be called to be paid off if you transfer the title, but all they are really concerned about is receiving their payment.

But, I am not a lawyer and I have not reviewed your contracts. I'm a Mortgage Broker (out of state) so I do know a little about these matters. I would suggest that you go to your Realtor, mortgage broker, bank or speak with an atty. Have a professional review your contract and situation.

[mainebrokerman]

id make three phone calls,,,one to the mortgage company,,make sure its permissable to rent, then to insurance company, for more insurance, then to a lawyer, for rental forms/contracts.