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If you do this with "Rent the Backyard", or by yourself, it means your house can't be sold until you pay the loan. You probably thought of this already, but I
by stcredzero 7y ago
If you do this with "Rent the Backyard", or by yourself, it means your house can't be sold until you pay the loan.
You probably thought of this already, but I have to ask: What if "Rent the Backyard" is the lender? Couldn't they have a provision in the loan contract allowing the homeowner to move out? What if Rent the Backyard forms an entity with the homeowner, and sells the lot to the entity?
- sjg007 7y agoI doubt the lot is subdivided. I’m guessing construction lien.
- sburl 7y agoHi there - my name is Spencer and I'm one of the co-founders of Rent the Backyard. It's tricky (years and $$$) to become a mortgage lender but we have flexibility in our agreement for a homeowner to pass the agreement to a new owner (we'll even move our lien back to the second position so the new homeowner can get a mortgage)
- simonebrunozzi 7y agoBeing a proper lender requires a lot of paperwork, compliance, and investments. I doubt they will do it from the start. Perhaps if they become wildly successful.