I am a servicemember and I have just received PCS orders or have to move for another reason. With my local real estate market in a downturn, I know it will be impossible for me to sell and pay off my mortgage. What advice can you give me about renting out my home?
If you didn't keep a copy of your mortgage and note from the closing, call your mortgage lender and request copies for your review.
If you choose to rent out your home, you will need to inform your homeowner's insurance company. Often your homeowner's insurance rate will increase if the home becomes a rental unit. If you have an escrow account, this could mean an eventual increase in your monthly payment.
You should also set up an emergency fund to cover your mortgage and other home-related expenses for periods when you might not receive rental income. As it can be difficult to act as a landlord when you are many miles away, you might want to employ a trusted friend, relative or property management company to help.
Information about the rental market and laws in your specific area may be obtained through your local installation's military housing office . Find your nearest military housing office online by selecting "Housing Office/Government Housing" in the program or service drop down box.
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