Posted by Jay on October 07, 2003 at 18:40:52:
Well, the mortgage statement comes to the address of the 4plex. Won’t it matter if I call them and ask to change the mailing address?
Occupancy on Owner occupied 4plex? - Posted by Jay
Posted by Jay on October 07, 2003 at 03:45:20:
My wife and I have been living in one unit of a 4plex we purchased a couple years ago. We refinanced in August with an FHA insured owner occupied mortgage. The only part in the papers about occupancy is the following statement:
“6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower’s principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower’s principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower’s control.”
Well, we also recently closed on a SFH that we would like to move into. It is also financed owner occupied (though not FHA) as we are planning on moving in asap. My question is, what reasons for not occupying the 4plex any longer will the lender accept for which they will “consent” in writing to allow us to move into the other house? Should we just tell them that we bought a house, and would like to move out of the apartment? Please let me know what I need to do to get consent to no longer occupy the 4plex so we can move into the SFH.
The way the contract says, “within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower’s principal residence for at least one year after the date of occupancy” makes me think we could argue that our date of occupancy was about 2 years ago when we first bought before this refinance… What do you think?
Anyways, any ideas would be appreciated! Jay
Re: Occupancy on Owner occupied 4plex? - Posted by Randy
Posted by Randy on October 07, 2003 at 09:01:20:
If you have already closed on the SFH? effectively having two properties financed as owner occupied, why do you feel you need to notify the FHA lender on the 4 plex?
Your ?argument? of 2 year prior residency is negated by the refinance, you agree to a new 1 year term at the time of the refinance, but I still don?t know why you have to tell them anything? Just keep the payments current and you should have no problem.