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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 28383
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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We recently refinanced our mortgage and now we must rent

Customer Question

We recently refinanced our mortgage and now we must rent property due to work relocation, can we be penalized for this?
Submitted: 2 years ago.
Category: Real Estate Law
Customer: replied 2 years ago.
Our loan states we must reside in property for one year but my commute is over 60 minutes.
Expert:  RealEstateAnswer replied 2 years ago.

Good afternoon. This would all depend on the type of refinance and if there were any restrictions attached to it. If there were, you would know about it, since there would have been terms and conditions in the closing documents, which clearly stated that you need to use the home as your primary residency for X amount of years, to not be penalized. If there is nothing stated and this is silent, then there would be nothing that could result in a penalty imposed. Moreover, they would need to find out about this, so it is hard to think that they would unless they showed up at the home AND if there is a hardship, like work relocation, they could possible even waive any restriction. As such, review the loan documents and see if anything is stated within. If not and it is silent, then there is no reason to be concerned.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

Expert:  RealEstateAnswer replied 2 years ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!