Home Buying in Harrison>Question Details

cynthialeehe…, Home Owner in Harrison, MI

I'm wanting to purchase a forclosure that fits my needs perfectly, BUT my current mortgage states I have to ..."

Asked by cynthialeeherr9, Harrison, MI Sun Mar 24, 2013

"occupy my current home as primary residence" How can I live in new home but maintain primary residence status at current home ?

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Your "Primary Residence" is determined by the IRS as well as your Bank:
You have to spend a certain amount of time, certainly more than 51% in your P.R.
Which means, you can't do both!
2 votes Thank Flag Link Sun Mar 24, 2013
Thank You Ron,
My current mortgage is with step-forward- mich. And I appreciate your info.
Flag Sun Mar 24, 2013
The simple answer is legally you cannot do what you are proposing. By connecting with a knowledgeable lender who can look at your situation in depth may avail positive options for you.
1 vote Thank Flag Link Mon Mar 25, 2013
If you originally bought your home as a primary residence and then bought a different home your current mortgage company is not going to foreclose. However it may be tough to prove to the new mortgage company that you are going to live in the new home. Especially if the new home is smaller, less expensive and close to the last house.
1 vote Thank Flag Link Mon Mar 25, 2013
You probably can't. Your Primary residence is where you physically live. You could sell the first home and you could establish primary on second home when first one has sold. You should really set down with your bank.
1 vote Thank Flag Link Sun Mar 24, 2013
Thank You Mickey,
I have a step-forward-mich loan on my primary res. that I feel obligated to abide by because it was a lifesaver due to a medical disability,so I will just be patient for a couple years till it's fullfilled, I appreciate your info.
Flag Sun Mar 24, 2013
Any other property that you purchase in the same city would be considered Investment Property you can buy a 2nd home based on distance from the Job & Primary residence.

BUYING A HOME (The process start with the Banker not the Realtor)

Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.

The Mortgage Professional will give you a conditional approval letter to take to the realtor.

Once the realtor has found your home you should get it inspected to determine if it’s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.

Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.

You’re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.

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16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
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1 vote Thank Flag Link Sun Mar 24, 2013
It may be best to consult with a real estate attorney. This will make sure you fully understand the requirements/options and possible actions that could occur if you violate the terms of your contract.
1 vote Thank Flag Link Sun Mar 24, 2013
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