I don't mind getting information I don't want to hear but you only answered half of my question. I realize I presented a somewhat hayseed scenario but I am a well educated person never the less. No need for sympathy, just truth. You have told me that the banks have the right to make these determinations and to offer and approve me for their products. Got it. Along those same lines do they not have the discretion to treat my NY home as a second home and not as an investment property if they choose too? Are they legally bound to consider my home in NY an investment property under the circumstances I articulated?
Now that was I what I was looking for. I had been "informed" otherwise by a third party. Thanks Ely. I have given the bank all the info they asked for. Now I guess it's in the hands of everybody's favorite person..the dreaded underwriter. At least if they tell me they had no choice but to offer me the much less optimal terms of an investment property refinance I'll know it was their call. When I was first told that they had no choice I asked to have the USC reference or something regulatory and I got a smoke screen until they finally referred to their "guidelines". Then I asked to see the guidelines and that's when we finally started to have a conversation. I will let it play out.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).