I live in Virginia, a friend has an empty lot next to their house that they would like to rent to us so we can place a double wide on it to put our children in the same school district. They are about to refinance their home after doing improvements anyway. Can the mortgage company deny them renting out the second lot?
State/Country relating to question: Virginia
Hi - my name is XXXXX XXXXX X'X a Real Estate litigation attorney here to assist you.No, the lender cannot prohibit your friend from renting the lot. They can do whatever they want with the property. The only thing is that the Rental Agreement would be subject to the lender's lien and if your friend were to default, the lease would also be in jeopardy. Thus, your friend can rent the lot to you without permission from the lender.
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