Financing in Gilbert>Question Details

Mike, Other/Just Looking in Gilbert, AZ

Extenuating circumstances and renting

Asked by Mike, Gilbert, AZ Fri Sep 26, 2008

I bought a home in Feb 08, but now I am moving because my wife will be switching her career and attending school elsewhere. We would like to rent the house, but in my loan, it states I must live in the house for 1 year before I rent it - unless of extenuating circumstances. But that's 4 months away, and selling it in this current market does not look like a good option. Will they try to raise my interest rate, even if they accept my wife's school change as an extenuating circumstance? Any thoughts or advice?
Thank you in advance,

Help the community by answering this question:


Your best bet is to contact your lender. That should be circumstances enough for them to accept it. Good luck with your move
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0 votes Thank Flag Link Fri Sep 26, 2008

I think its good advise to speak to the lender. I agree they won't want another short sale!

Feel free to call if you have any questions! I can possibly provide some other suggestions.!

I have a client that wants to purchase there in the next few months.
Maybe they could rent until they own! They would be an awesome client and they prefer not to deal with a short sale. If you could contact me we could discuss it.

0 votes Thank Flag Link Fri Sep 26, 2008
In this market....communication with your bank is the best, first and only thing to do!

I wish you, and your wife good luck!
0 votes Thank Flag Link Fri Sep 26, 2008

The best advice I can give is to talk with the bank. Most certainly they will understand, and under the current circumstances they do not want another short sale or foreclosure in their hands.

Give them a call, bring the documentation and you should be fine, especially so close to the 1 yr anniversary.

Good luck!!!
0 votes Thank Flag Link Fri Sep 26, 2008
Mike -

Your best option is to contact the Lender to get clarification. Ultimatley they make the final decision.

0 votes Thank Flag Link Fri Sep 26, 2008
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