I moved into my home about 2 years ago. My loan was a First Time Homebuyer Bond Loan that said I must occupy the property as long as that loan is active. I've always made my payments on time. A few months ago I got married and moved into my husband's house. I tried for several months to sell my house with no luck so I rented it out. I never told the lender, I just kept paying the mortgage payment on time each month. They just sent a letter saying I've moved and that's against the terms of the loan and I have the following 4 options: 1) Refinance, 2) Sell the house, 3) Move back in, 4) Submit a request to temporarily vacate the property. How did they know I moved? Could it be from when I changed my Social Security card and drivers license to my new name and address? What can I do to not have to not refinance but keep my tenant renting from me? Can I keep the house for sale for a whole year without it selling and not be penalized? I need advice from people who really know.
2007-01-25 13:25:41 · 2 answers · asked by Ryan B 2 in Business & Finance ➔ Renting & Real Estate
Either move back in to the house and place it for sale. Eventually you will have enough equity to price it so it sells. OR, re-finance it (so it is no longer under the bond program) and then you can do with it as you please.
Recognize though that the bond program is our tax dollars at work, helping out someone who otherwise can't buy a house. Well that's not you anymore. I don't think you'd like the idea of paying for someones (food, clothing, house, beer, etc) because "they need the help" only to find out later that they kept on taking the money after they no longer needed the help....
I'm NOT acusing you of purposefully taking advantage of the system - I understand that your situation has changed - that is a good thing. But you should refi to give back the money now that you don't need it.
BTW - Did I read your avatar and question correctly? RYAN has now moved in with his husband?
2007-01-25 13:47:58 · answer #1 · answered by teran_realtor 7 · 1⤊ 0⤋
what to do? i have no clue...
Many finance companies do not allow forwarding on certain documents. If you placed a forwarding order with the P.O. and they mailed you something -- the P.O. would have to return it to them. Possibly this is how they know.
2007-01-25 13:35:09 · answer #2 · answered by Butta 2 · 0⤊ 1⤋