Posted by CarolFL on June 16, 1999 at 18:04:37:
Amy, First, pull out you mortgage docs. They will have the answers to some of your questions.
Next, you bought the property with an FHA insured loan, for owner-occupant, from what I gathered… and you lived in the property… I assume you were overexcited and messed up the dates (if you moved in Dec 99, I am overdue with a few payments!).
You subsequently moved because of job changes.
READ your docs, but my FHA loan did not prescribe any particular length of time I had to live there (infact, we did for about 1/5 yrs). You had defrauded no one.
Your FHA loan is probably a qualifying assumable (cheaper than a new loan)… and there should be no prepayment penalty- well, I’m not a lender, but I can’t imagine an FHA loan with a prepayment penalty … doesn’t make sense… so again, READ your docs. It will say.
Now, since the lender financing your NEW loan on the NEW property has a lien on the OLD property, that must be addressed before it can be sold. Again, dheck your docs on that lien. See if there is a release clause. Frankly, you would have asked for one after 12 months or so had you known.
My guess is that someone who REALLY knows may address this, so I will only speculate that (1) there is some release mechanism referenced and (2) if there isn’t, and if you have been making timely payments for a while (I"m still confused on the dates), you may be able to get the lender to release the property.
Hopefully, some of our oh so knowledgeabel folks will address this for you… I’m just guessing on this part.