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Renting to the Kids |
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In 2003 when I purchased my current primary residence the mortgage was not dependent on the sale of the existing property. I kept it and allowed my older children to stay there. The rent charged just covers the mortgage payment (taxes and insurance included). Now when trying to refinance for lower interest rates on my primary a credit check reveals that I am carrying two mortgages. It does not reveal that I am collecting rent. What should I have done from the start? What can I do now? What are the consequences and benefits? |
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The rent you're receiving won't show up on your credit report, but won't your lender take it into account and count that as additional income? They will with most rented properties. Can you show cancelled checks to prove you're receiving it? Does it show up on your tax return? that's about all I have to suggest. |
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Edith
Originally published on August 29, 2009 |
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