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Daniel Said:

What is the difference in the repossessions process between buy to let and residential mortgages?

We Answered:

You should discuss any (fixable) problems you have making payments with the lender ..

If they can see your problems are temporary and you are making efforts to resolve the situation, they may agree to freeze interest or (temporary) reduce payments until eg. you find a new tenant OR sell the house (or some other house) to raise cash & pay off the mortgage

If you keep making at least SOME payment (even if not the full amount) they should again be more willing to compromise .. however as a 'rule of thumb' if they see no way out or think you are not making an effort and/or you have missed 3 months in a row they WILL start proceedings to repossess ..

If they repossess they will load all their costs onto what you owe and then sell the house at auction for a massive discount (after all, how did YOU buy the house in the first place ?) ... you will then be a LOT worse off than if you had sold privatively, since for one thing, you may never get another buy-to-let Mortgage and for another your other lenders might start getting 'twitchy' ...

So very few 'buy-to-let' properties are ever repossessed ... = most owners manage to sell up before it reaches that stage ...

Sam Said:

What kind of job should I apply for?

We Answered:

You can do accounting at home and stay with your baby.

Kristina Said:

mortgage lenders to lend in virgin island?

We Answered:

www.mortgageexpo.com

Katie Said:

Who owns residential mortgages?

We Answered:

All kinds of groups. Nowadays, most mortgages get purchased by mortgage-backed mutual funds.

Joseph Said:

How is net rental income verified by lenders on a residential loan application?

We Answered:

No, the proof you need is your tax return where you claimed it as income. A signed lease is NOT collected income. They don't care about what you think you can get or might get or dream of getting....only what you can actually document as money received.

Toni Said:

Renting a property on a residential mortgage? possible way round?

We Answered:

So your question is what are the chances that your bank will catch you committing mortgage fraud? The reality is that if it is a single family home then they will probably not find out. Realize that from an insurance standpoint you may well have an issue with a claim if something happens down the road. It would not be difficult for an insurance adjuster to find out that you do not live there and this would probably invalidate your insurance since homeowners insurance is different than insurance for rental properties. Rental property also allows for enormous tax advantages on your 1040 so it would probably help from that standpoint also to do things legally.

However if you still want to commit fraud then have at it.