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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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i have a house through wells fargo mortgage , iam 4months

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i have a house through wells fargo mortgage   , i'am 4months behind on payments , i have a friend that wants to rent it from me which would cover mortgage payment , do i have to contact mortgage co about this option ? i'am trying to get a restructure of mortgage right now , but haven't heard from them yet if they will , i applied in feb.2009 .

It is not a requirement that you contact the lender to inform the lender of your choice to rent out the property. If the lender has not commenced a foreclosure action against you, consider sending the regular monthly payment. If foreclosure proceedings have begun and you are not able to restructure the mortgage, you can consider filing a Chapter 13 bankruptcy to reinstate the mortgage over a 3-5 year period.
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