Posted on: 29th Feb, 2008 09:58 am
I have a question I hope you can help me with. Three years ago, my wife and I purchased a small condominium. We refinanced it with alocal credit union 7 months ago. In December, we decided to rent out the condominium and purchase a single family house because my wife is pregnant. We moved in with her parents when we found a tenant for the
condo (1 month ago) so we would not have to coordinate finding a
tenant while purchasing a house.
We now found a house, have an accepted offer, and have signed the purchase and sales agreement .
I just found out today while searching through my paperwork for w-2s and things, that we have a 1 year owner occupied clause on the refi we did in August. And the mortgage broker is using the credit union we did the refi with.
What is going to happen to us?
condo (1 month ago) so we would not have to coordinate finding a
tenant while purchasing a house.
We now found a house, have an accepted offer, and have signed the purchase and sales agreement .
I just found out today while searching through my paperwork for w-2s and things, that we have a 1 year owner occupied clause on the refi we did in August. And the mortgage broker is using the credit union we did the refi with.
What is going to happen to us?
Just noticed a clause that says we have to owner occupy our house (just did a refi and still have time to cancel it) within 60 days and for twelve months. Well, we have lived in our owner-occupied home (us being the owners) for over six years and owned it for ten (we originally bought it as a second home, rented it out, then occupied it, remodeled and refinanced) We just did a refi from 6% interest to 4.5% which is great BUT read this clause about having to live her 12 months. We are wanting to relocate (for various reasons none of them financial) and plan to put the hosue on the market this summer. But don't expect to sell maybe for a few years, as we will not accept a loss at this time and market sucks. Anyway, we want to rent it out winter rental, then vacation home rental. Should we cancel our refi now? Sure don't want them to say we're in default if we not living in it. We won't be buying any other house, just staying with my elderly folks, and renting a place elsewhere for now. Nothing is written in stone. What should we do?
Hi starryknight,
Your query has been replied in the given page:
http://www.mortgagefit.com/refinance/owner-occupyhome.html
Take a look at it. Hope it helps you.
Thanks
Your query has been replied in the given page:
http://www.mortgagefit.com/refinance/owner-occupyhome.html
Take a look at it. Hope it helps you.
Thanks
I have a friend who wants to buy a home, live in it with her sons, not be on the title, but be liable for the note. Can you give me a quick answer/?
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