I purchased my condo using the MHP soft second loan program in 2003. Since
I purchased my condo using the MHP soft second loan program in 2003. Since
I purchased my condo using the MHP soft second loan program in 2003. Since then I have married and moved into my husband's home. The loan has a residency requirement, but I can't find anywhere where it says what you are to do if you are no longer going to reside in the property. I also read one of your previous post that said "a soft second mortgage is typically one that need not be paid back." and you suggested caution with refinancing. How is it that the soft second does not need to be paid back? I thought after 10 years you had to start making principle and interest payments.
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Hi Guest!
Welcome to forums!
You should contact your lender and inform him about your situation. The lender will let you know what steps you need to take so that you can pay off the loan as well as save the property.
Sussane