Quote:
Originally Posted by dad911
How do you deal with Insurance? MTG co wants a copy, and you need landlord/tenant insurance instead of a homeowner policy.
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Simple. Give them a copy of your policy.
Building is covered, so mortgage company is happy.
There is no clause in the loan docs stating if the building is no longer the borrower's primary residence, the loan is called due.
The mortgage company was happy to keep loaning more to my friend.
Good payment history, several mortgages, let's keep loaning him money.
He's also building equity, so lender's position is safe in case of default.