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I'm doing a refinance I just received the docs today for the…

I'm doing a refinance I...
I'm doing a refinance I just received the docs today for the closing tomorrow. There is a doc that was not on previous info or never disclosure to me. Occupancy Certification. it stated I will occupy the house as my principal residency for at least one year after the date of occupancy( I have lived here for 6 years ), unless extenuating circumstances exist which is beyond my control . If I fail to occupy the property , that failure will constitute a default
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10/20/2017
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,343
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

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Good evening. Do you have an issue with this? I ask because this is sometimes a condition to the loan, which a lender will impose and request?

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Customer reply replied 9 months ago
I do as it was not disclosure to me when a made the application
Customer reply replied 9 months ago
I prefer the communication keep here

Did you tell the lender you are using this as your primary home? Do you plan on renting it out within the next year?

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Customer reply replied 9 months ago
they know this is my primary residency. I have at the moment a heloc and want to do the refinance to be on a fixed rate . I don't want then to tell me when I should sell the house
Customer reply replied 9 months ago
with this occupancy certification sign that mean that I cant sell the house for in least one year?
Customer reply replied 9 months ago
hello?

Thank you for the reply. No, it should not prevent you from selling it. You should be able to sell at any time and just want to make sure there is no prepayment penalty. What this is asking you to agree to, is that you will not RENT is to someone, within the first year and if you do need to move out and rent it, you would need to have an extenuating circumstance.

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Customer reply replied 9 months ago
no, there is no prepay penalty. So it is only refer to rent out as you said , right !

Yes, correct. It is to make sure you do not rent it out. If you wanted to sell, there should be no issue. Of course, confirm with whoever is handling the closing tomorrow or speak with your lender to make sure but this typically has to do with you renting it out, not selling it, within the first year.

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Customer reply replied 9 months ago
ok, thank you

You are welcome. Please let me know if there is anything else, as I would be happy to respond. If not, please remember to rate my help at this time at the top of this page, prior to leaving, so I can receive the proper credit, for our time together. A 5 STAR rating is greatly appreciated. Thank you.

RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,343
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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RealEstateAnswer and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 9 months ago
I'm so freaking out ... Did I relay the info to you correct ?
Customer reply replied 9 months ago
I wish I could have you see it ..ohh well I can ask the bank

Yes

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