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Thanks for your response. Everything you said in the "changed circumstances" paragraph is right on. We now only have one home (the "second" home) and it's our primary residence (we sold our previous home). I would think the bank would view it favorably, given we're now in the home 100% and caring for it every day as opposed to it being a vacation home which was the original intent.
Here are a few follow up questions that I'd like your thoughts on:
1) what might trigger an inquiry by the mortgage company when I submit my change of address? I would think it seems like it should be a simple servicing task for them.
2) is it worth asking the mortgage company to remove the second home rider as it's now our primary home? Do I risk opening a can of worms if I do?
3) how would the mortgage company claim fraud if it all comes down to my intent at closing? Who is to say we didn't change our minds the next day? Seems pretty hard to prove on their part
Thank you for the follow up.
1) what might trigger an inquiry by the mortgage company when I submit my change of address? I would think it seems like it should be a simple servicing task for them. Most likely its just an administrative duty for them and not something that will likely invoke some investigation into what is going on. If you have online access to the account it typically address information can be changed there.
2) is it worth asking the mortgage company to remove the second home rider as it's now our primary home? Do I risk opening a can of worms if I do? You would want to review the detailed language in the second home rider covenant as to what would be considered an issue with moving. Determine if moving due to change in circumstances such as job, family, etc. would be excepted, but really you have already opened a can of worms if there were any to open by moving and selling the other house. Lenders are not looking to default folks and to make trouble as having a good borrower is harder to fine these days.
3) how would the mortgage company claim fraud if it all comes down to my intent at closing? Who is to say we didn't change our minds the next day? Seems pretty hard to prove on their part. Fraud is difficult to prove and as long as they are getting paid there is no advantage for them to incur expense and time looking for something that would be almost impossible to prove.
Hope this helps.
Thanks much for the insight. Take care.
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