Refinancing a primary residence house as a rental?

Kathlene
I bought a house last year as my primary residence. I lived there for about a month, and had to move out because I spent all my money on the downpayment for the house. My original intent was to live there. I decided to rent it out month by month to try to gain some cash so that I can move back into the home. Well things got worse and I lost my job, so the home is still being rented. On my taxes, the home is listed as a rental and my income from the rent is listed. Now, I called my bank and they say that I can qualify for the loan modification program to lower my interest rate, (assuming the home is my primary residence). I have close to an 800 credit score and have never missed a payment yet. Assuming I file for the new loan, the bank can check my income taxes, and they will be able to see that the property is listed as a rental. The address on my taxes does not match my rental address, since I am currently living at another location. Will the bank care if its listed as a rental (since I've always been so good on payments)? Will they even look? Is it worth trying to get the loan modification? I don't want to shoot myself in the foot (and have my original loan get called).

Casie
They will care if there is any clause in your current mortgage or deed of trust that states that it can not be rented. Review your current mortgage, you should have gotten copies when you closed. If they have a problem with it then refinance it with another company. Let them know ahead of time that it is a rental property and ask them what that changes.

Bella
you are breaking the rules are with what you are doing here because you are supposed to live in if you had that as the primary residence and yes if yo persist in this they will catch it and you could trigger the bank to call the loan be CAREFUL. By the way if this is an FHA loan you could also go to jail for mortgage fraud

Eura
Generally mortgages don't have a clause that it can be called if you don't live there anymore. However, the loan modification program will check that you are living there, and also I think you have to be distressed in the payments. So I don't believe you will qualify on many levels. However, if you move back in and use that as your current address, even though you rented it out previously it could clear it up.