Is it legal not to pay a mortgage on a house and at the same time rent that house for profit?
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Is it legal not to pay a mortgage on a house and at the same time rent that house for profit?
Also, at the same time living in a second house and not paying the mortgage on that house.
Asked on August 13, 2012 under Real Estate Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Depending upon the time period that you are writing about between the purchase of the home and not paying the mortgage but keeping the rent received from it, many states who have stautes on "rent skimming" could deem what you have written about a violation of such statutes.
In California, the above practice if done within the first year of the purchase, there would be a violation of that state's "rent skimming" laws.
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