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I refinanced my home in December 2018 and took cash out to…

Hi, I refinanced my...

Hi, I refinanced my home in December 2018 and took cash out to make home improvements. At closing I had to sign papers saying I would live in the house for at least one year. Since then, my son informed me he was moving out. My 2000 sq. ft. home is too much for me alone so I am buying a smaller property. I wrote mortgage co. asking permission to rent out the house I refinanced and move to a smaller home but they said no. Is there any thing I can do. I already have people that want to rent my house and that would more than pay the mortgage.

Lawyer's Assistant: When we are ready I'll take you to the appropriate web page.

Hello, I sent a question 2 days ago but did not get a response. You just said when we are ready I'll take you to the appropriate web page. Help please and thank you.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

I sent letter to mortgage co. explaining my situation and asking for them to waive the one yer occupancy requirement. They said my agreement to utilize the premises as my primary residence directly impacted the terms of the credit that was provided to me. Also that the info I provided was not evidence of extenuating circumstances that would support and occupancy waiver request.

Lawyer's Assistant: Where is the home located?

2415 Marcasite Loop, Kissimmee Florida

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I would just like to now if there is any way out of this. I have people that want to rent my house immediately for $1200 a month. The mortgage is $936 so the rent would more than cover it. I already have put an offer on another property which is about half the size of the house i've refinanced

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Answered in 4 minutes by:
3/23/2018
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 37,275
Experience: 30 years of real estate practice experience.
Verified

Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

I am a certified expert on JustAnswer since 2009, with nearly 100% in satisfied customer ratings. So, we should be able to work through your problem.

I appreciate your patience as I review your question. I will post my response shortly.

This is general information and no attorney client relationship is established.

The site may ask you if you wish to speak by phone for an extra charge. Many find the phone call to be the easiest and fastest way to get the information they need without posting on a public forum. I am also happy to continue online.

There may be a slight delay in my replies as I am assisting other JA customers also. I will reply to your follow up questions.

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You basically have 2 possible scenarios. First, you can try refinancing the mortgage to switch to one that does not have the residency requirement.

The second choice is to move and hope the lender never discovers the breach. The reality is that you are one of tens of thousands of loans they are servicing.

So, while I would never say to breach your mortgage, I can tell you that if you keep making timely payments, it is not a given that they will ever find out. Just make sure that you pout a provision in the lease that you can cancel on, say 30 days notice.

Did you have further questions? Have I answered your question?

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Customer reply replied 28 days ago
I just refinanced in December of 2017 so I don't want to refi again this soon. The second choice is what friends and family have suggested but a rental property has different insurance so if something were to happen where I would have to file a claim then I could have a problem with insurance. What do they consider extenuating circumstances?

Thank you for following up with me.

Extenuating circumstances are usually problems that are beyond your control, such as illness, fire, etc.

It would not be a matter of personal preference.

I am sorry. I wish I could tell you otherwise, but I do not want you spinning your wheels.

Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 37,275
Experience: 30 years of real estate practice experience.
Verified
Loren and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 28 days ago
Thank you. I appreciate you talking with me and yes you have answered my question.
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Loren
Loren
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Category: Real Estate Law
Satisfied Customers: 37,275
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Experience: 30 years of real estate practice experience.

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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).

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