Posted by Mike (NY) on August 12, 2003 at 13:05:44:
Gary,
Call your lender and ask, tell him the situation has changed and see if they can work with you. Ask the lender how long you have to reside there before you can do this. The more questions you ask the better you will be informed.
You could also consider making this an income producing property until you meet the goals set forth.
Best wishes,
Michael Pine
email: Michael_Pine@yahoo.com
AIM: Mortgagebroker71
Will lenders call my notes? - Posted by Gary
Posted by Gary on August 12, 2003 at 11:07:57:
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.
Gary