All Forum Posts by: Kyle Gregg

@Ravi P. Thanks, im looking for the rules regarding temporarily renting your primary residence while under FHA financing.

I will be travelling for 6 months and looking for someone to occupy my house while i am away. I found airBnB and thought this would be perfect. What are the rules/regulations regarding this? Can i let someone rent my house while i am away? all of my furniture and belongings will be in the house. I technically still do live there even if i am traveling...

@Jon Holdman

Thank you for all your input. as a first time home buyer going through a 203k, its been quite the learning experience. a sort of crash course on real estate. 

@Jason Bott

That is the sort of info that cheers me up. thanks for making me realize that. 

the quote from State farm has a $1000 deductible. i didn't have receipts or serial numbers of the computers stolen so i wasn't too hopeful of seeing complete reimbursement. 

School or hard knocks for sure....

just making sure that i am eating the $5000 mistake rightfully. not trying to squeeze myself out of responsibility, if that's how it looks. 

"Most standard mortgage clauses contain a provision requiring the mortgagee to notify the insurance company of any change in ownership, occupancy, or risk. A mortgagee’s failure to do so will defeat coverage under the policy. An example would be if an insured mortgagor vacated the home during a pending foreclosure action and the mortgagee was aware the property was now vacant. The mortgagee must then notify the insurer or risk a loss of coverage in the event of a loss. Additionally, a vacant property with no utility services, especially in winter months, can be a substantial increase in risk and the mortgagee both has the duty to protect the property and to notify the insurer of the changed conditions thereby increasing the risk of loss"

@Jon Holdman 

The mortgage company knew since they were handling my 203k rehab funds and was in direct contact with my contractor. we even filled out a mortgagors letter or completion the second it was finished. 

More drama with my recent 203k and i need some insight....

We have moved into our 203k rehabbed house about 3 weeks ago. Last friday someone broke into our house and stole about $5000 worth of personal property. I contacted my mortgage company to see who my insurance was covered by (its been awhile since closing and i forgot). They sent over my current policy and turns out im still under a Builders Risk policy. 

i did some quick research and i found that builders risk insurance does not cover personal property since personal property on a construction site usually signifies that the owner is now living there. 

So now im left we the wrong insurance coverage and $5000 in losses. 

Is it the mortgage company's responsibility to notify the insurance company that we have taken occupancy? Thus, making the policy null and void...forcing me to get homeowners insurance?

Can anyone provide me some insight that could help me out? Im somewhat loss. 

@Russell Brazil

Thanks for directing me to the FHA site (seems obvious) but i found what i was looking for!

http://portalapps.hud.gov/FHAFAQ/controllerServlet...

Thanks,

Kyle

@Daniel Adams i bought near patterson park in baltimore city.