Best Answer

after 1 year

User Avatar

Wiki User

โˆ™ 2006-03-06 01:49:55
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: If you took out a conventional mortgage when can your rent out the property?
Write your answer...
Related questions

If your parents took out a mortgage in their name how do you get a mortgage in your name for the same property?

A property cannot be mortgaged twice at once. Additionally, you must hold the title to the property to place it under mortgage. Unless the other mortgage is paid off and your parents give you the house, you will not be able to get a mortgage on it.

Your name is on a quit claim deed but the mortgage is in another person name can the bank take your house?

Whoever granted the mortgage to the bank must have owned the property at that time. If they later conveyed the property to a new owner they breached their mortgage agreement with the bank and the new owner took the property subject to the mortgage. The bank can take possession of the property if the mortgage isn't paid.

What happens when the person who acquired the property by quitclaim deed doesn't make their payments?

It sounds as though you sold land and took back a mortgage. If so, you can foreclose on the mortgage and take possession of the property if you reserved that right in the mortgage. You should consult with an attorney in your area since state laws on this issue vary.

Lived with parents for two years till their death. I took care of them. I was told I have to pay rent to stay in the house. This is my legal address.?

Sorry, but the property belongs to the estate. They can charge rent. Hopefully you will inherit the property, or most of the value of it when the estate is settled.

Can you void a mortgage contract because it only has one signature?

If two people were on title and one of them took out another mortgage on the property then the title company is at falt. In this case you have to talk to the title company and perhapes a real estate attorney.

In Nevada if Mary's name is on the title and deed but Lucy is signatory of the mortgage loan who bears the consequences of a foreclosure?

Answer: If Mary owns the property and the lender took a mortgage from Lucy then the bank can't foreclose on the property. Lucy had no interest to convey to the lender. (The lender didn't perform a title examination.) Did Lucy have Power of Attorney for Mary?

If my sister and her husband took out a mortgage with my mom as a cosigner and are now behind in their mortgage payments will my mom's estate responsible for the mortgage?

Each person who co-signs a mortgage is equally responsible for paying the mortgage. If your mother has died then her estate must be probated. The debts of the decedent must be paid before any property can be distributed to the heirs. You need to consult with an attorney who specializes in probate in your area who could review your situation and determine what the obligations are regarding the mortgage.

The smiths took out a 30 year mortgage How many monthly payments will they have to make on this mortgage?


The Smiths took out a 30-year mortgage How many monthly payments will they have to make on this mortgage?


The Patels took out a 15-year mortgage How many monthly payments will they have to make on this mortgage?


How long do you go to jail for mortgage fraud?

20 year it depend of how much money you took for that mortgage

Can you stipulate in a will that upon your death you wish the balance of payments on a mortgage that you took out yourself be the responsibility of a family member that is not your spouse?

Sorry, you can't force somebody to take on a debt for you. The person that inherits the property also inherits the mortgage and any liens on it. What you might want to do is buy a life insurance policy on the mortgage that pays it off if something happens to you.

When Beneficial Mortgage company went under who took over their loans?

Who took over Beneficial home loans

Where can one go for a quote to refinance a mortgage?

If you wish to refinance your mortgage you are best to go to the bank you took out the mortgage with. They will be able to help you and are more than likely to refinance your mortgage for you.

Am I able to get a mortgage loan if I have no credit?

It is very difficult to secure a mortgage if you have little or no credit. Mortgage lenders have become more picky about who they will lend money to after the huge issue took place with forclosures.

Can you have 2 liens on your property?

Yes. The first lien is called the first mortgage, and the second lien is called the second mortgage. If you default on both and the property is sold at auction, the first lien holder gets paid first. If money is left over, the second lien holder gets paid. If money is still left over, you should get it even though you defaulted. Some commercial properties have 5 or 6 liens. On one the last lien holder did not get paid and took over the property. He had to pay the rest to keep from loosing the property.

What company took over mortgage payments from Countrywide?

Bank of America too over payments from Countrywide after the mortgage fraud by Countrywide. The mortgage settlement should send billions of dollars to struggling homeowners.

Is insurance automatically included in a mortgage?

No, but you do hae insurace on your property, its put in place as soon as you buy the home, the mortgage is a fraud, the bank ur lawyer your clean title and the lawyer snuck behind your back and took a loan placed it back and called it a mortage, your NEGOTABLE INSTRUMENT PAID FOR YOUR HOUSE. ask the title company for your clean title

If the Smiths took out a thirty year mortgage. how many monthly payments will they have to make on this mortgage?

12 months in a year. 12 X 30 = 360 payments.

How long is the mortgage loan process?

From beginning to end mine took two weeks. But I'm sure it varies widely depending on the needs of the individual and the mortgage company

Soon to be ex took out loan in spouse name without knowledge and spouse never received check what can he do?

You should notify the bank immediately that your name was forged on the loan documents. If the loan included a mortgage then the bank is out of luck if it cannot prove you signed it unless your state laws allow one spouse to mortgage their interest in the property. In that case, the bank would only have a mortgage on a one-half interest. You should seek the advice of an attorney.

What happened to Jewish peoples property?

The Germans took it.

I had Taylor bean and whatker for my mortgage company Bank of American took the mortgage company over why did my payments go up and were do I send them too?

I need to know why my payments went up after I found out bank of America took over my previous mortage company?

What changed Vietnam in November 1963?

WWII Generals took over, and Vietnam escalated into conventional warfare.

Can my sister decide what my inheritance is to be used for She took $29,000, willed to me by name and is spending it on my rent & not allowing me access is this legal?

if u are small then it is legal