How can I safely change my Address on my Mortgage? - Posted by moose

Posted by mel on March 15, 2006 at 12:47:56:

want to know this answer too

How can I safely change my Address on my Mortgage? - Posted by moose

Posted by moose on March 15, 2006 at 10:46:16:

I purchased a townhouse last year as an owner-occupied property. I have been living there since last year. But last week, I closed on a new SFR. The new SFR is about 150 miles away in another town. I am already packing my stuff to move to the new SFR. I will be renting out the townhouse I bought last year. Two companies service my 1st and 2nd mortgages on the townhouse. I plan on calling them to inform them of my change of address. I was wondering if there is anything I need to be careful about BEFORE I call them? For example:

  1. Will they have problems because I only lived in the townhouse for 11 months?

  2. Since the insurance I have on the townhouse is a Homeowners policy, will they now try to foreclose if I do not provide them with a landlord’s policy.

  3. I want to know that calling them to report my change of address will not open up a can of worms regarding my mortgage account on my old townhouse.

Any help, please. Thanks.

change my Address on my Mortgage? - Posted by John

Posted by John on March 15, 2006 at 17:35:24:

Simply send the mortgage companies a change of address in writting. Contact your insurance and convert from homeowners policy to a landlord policy. Be sure the insurance company changes the policy with the mortgage co.

How can I safely change my Address on my Mortgage? - Posted by John Corey

Posted by John Corey on March 15, 2006 at 13:28:48:

Unless your loan documents were different and unique there will be no issues. You took out a loan as an owner occupant and you lived in the property as your primary residence. Circumstances change and you are moving. Just submit the change of address. There is no time limits for how long you have to live there. The lender can not call the loan just because you moved out.

What you do need to watch out for is having the wrong insurance and having a future claim denied. I was at a CREOnline event when I heard the following story.

Guy lies in a home in AZ. He has a roommate. A job change happens and the owner of the home starts working in the SF Bay Area. His roommate continues to live in the home for a number of months. The roommate decides to move on and the owner makes plans to fly back to deal with the home now that the roommate is no longer there. On the plane back to AZ the home burns to the ground. The insurance company denied the claim as they said that it was not the person’s primary residence and the policy should have been a landlord policy. The guy then had the mortgage company foreclose when there was no insurance to pay off the mortgage.

John Corey