Real Estate Law
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My name is***** have over 16 years experience in the law. Should you like to chat on the phone I am happy to for a nominal cost. Let me know at any time during our question and answer session if you are interested I am happy to give you more details.What you describe is not common. That is, it is not common for a mortgage loan to contain such a provision. That said, it is something that if the parties agree on, it can be added to the contract (a so called "rider")Can you have it removed?
Frankly, not likely. Not if over 3 days have passed since you signed the documents. For federally guaranteed loans there is a 3 day window to cancel the loan...but once that time passes you can no longer cancel the loan on your own.If you could convince the lender to remove the provision? Then you could negotiate a modification to the loan. But obtaining such a concession is highly unlikely.A refi is a good idea...if you obtain a refi that does not have such language, you will not have any worries. Or you can certainly sell the property if you like...that removes the worry of having to rent with this provision in mortgage.
This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you that you could somehow cancel this mortgage now...even after 3 days have passed, but I can only provide you information based on the law so that you can act on the best available information to you...I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.