Need Some Legal Help.....NOO

[Travis Elliott]

I bought a SFH early this year as an owner occupied property.. Before, I was living in a company apartment above my place of work. Well shortly after buying the home I started having troubles with an employee (drinking on the job). Long story short I stayed living in the apartment and rented the house out..

I am not sure where this leaves me... I plan on claiming my income from this home at tax time. Can I get into trouble for renting it out?? Is there anything that I need to do? Any help would be appreciated..

[Bill Walston]

The dreaded "due on sale" clause really isn't an issue here, as title to the property hasn't been transferred. What is at issue is an owner vs. a non-owner occupied property. I'd suggest you let the lender know the change in your circumstances and why you are not occupying the property as planned. You should also talk with your insurance company as you need a landlord policy on the property.