Will lender call my note? - Posted by Gary

Posted by River City on August 22, 2003 at 09:37:16:

Call the lender and ask. They are going to find out anyway once you change your insurance policy to non-owner occupied. At least you will know up front what you are up against.

Will lender call my note? - Posted by Gary

Posted by Gary on August 11, 2003 at 16:03:41:

Here?s the deal. I just refinanced our primary residence on a 5/1 ARM, closed on 7/31/03. I also opened a line of credit on the equity for some cash to play with and that will close this week. After doing all this my wife found a house she just HAD to have, so?.

We are now buying another house to be our primary residence and intend to rent the one we just re-fi?d. The problem as I see it is that both the refi and line of credit were approved as owner occupied but now I want to convert to rental. The intent when these notes were approved was to stay in the property.

Will the refi or line of credit institutions call their notes, or accuse me of fraudulent practices because of this, and are there any alternatives at this point to avoid any improprieties. Any help would be greatly appreciated, thanks.