Posted by BGH on March 27, 1999 at 06:30:23:
I am have a question for the LO experts out there.
I work with a woman who wishes to get out of her home due to an ongoing fued with her neighbor. I would say that she is extremely motivated since at one point she said she was ready to simply abandon her property. She has only lived there for about 1 1/2 years and so has very little equity (less than $1000.00) in her property. I am interested in buying her house and her mortgage is assumable however I feel I can probably not qualify for conventional financing. I was considering a lease option which she seems agreeable to but in reading through her mortgage information it says that she must occupy the house as her primary residence and can not lease it without informing the mortgage company and the new lessee qualifying under the morgage company’s guidelines.
My question is: is there any way around this?
I know that practically speaking it will probably be difficult for the mortgage company to check on this without physically checking the residence as long as she continues to make the payments and as long is there is no change in insurance coverage (another concern).
Thanks in advance for any advice.