Can I Lease a House With a Mortgage on It?
When a mortgage borrower, called the mortgagor, enters into mortgage contract with a mortgage lender, called the mortgagee, that borrower has the right to enter into lease agreements with third parties, because as the mortgagor, he has the right to hold full possession of the property as long as he fulfills his obligations under the mortgage agreement. In regards to anyone leasing the house, the mortgagor is considered the property owner of the house.
Mortgage
A mortgage is a contract between a lender and the borrower, whereby the borrower is required to pay the mortgage amount in monthly installments until the loan amount is paid in full. The mortgagee -- the lender -- places a lien on the house until the mortgagor has satisfied his loan obligation to the lender, but the mortgagor has the right to enjoy possession and the benefits of ownership.
Lease
A lease contract gives someone the right to occupy a property for a specified period of time. A mortgagor may lease his property to you and allow you to take occupancy of the house under such a lease contract, as long as the mortgagor maintains his right to possess the home by way of his mortgage agreement with the lender. In other words, you may lease a house with a mortgage on it unless the lender attempts to foreclose on the property due to a payment default by the borrower.
Foreclosed Property
If you are leasing a property that is under foreclosure by the lender, your lease contract with the mortgagor may be voided. The lender has superior title to the property under the mortgage agreement, and the lender has the right to reclaim the property if the borrower defaults on the mortgage loan. During foreclosure, most lenders attempt to sell the property at a foreclosure auction, and the new property owner has the right to evict anyone occupying the property. If you are occupying a house that has been sold to a new property owner, you may opt to contact the new property owner to ascertain whether the new owner is willing to continue the lease contract.
Contract Breach
If the mortgagor enters into default on his mortgage obligations to the lender during the term of the lease contract, and you are unable to continue to fulfill your obligations under the lease contract, there may be a breach of contract by the landlord -- the mortgagor. In this instance, you have the option to sue your landlord in court for breach of contract if you are forced to move because the property has been foreclosed upon by the mortgagee.
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