Home Buying in Indio>Question Details

Felix, Home Buyer in Indio, CA

I got a home for 164000 in 2004. I lived in the house for thtree years. In 2006, I got another new home which

Asked by Felix, Indio, CA Sat Feb 9, 2008

I move in, and I rent it out the other house. Recently, I got a letter from my calHFA saying that my old house will be foreclose because I'm not occupying the home. I'm not allow to rent it. According to them, my options are to seell, refinance or move back to my old home. However, I can not ckick out my tenants because they have a conatract for one year. likewise, I don't want to refinance my 5.5 fix mortgage into a higher rate. Any advice? Likewise, I'm having trouble to make my mortgage payments in my new house. Any Ideas?

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3
Honesty is the best policy. As a taxpayer and a homeowner, I don't like being ripped off any more than the Feds.
0 votes Thank Flag Link Sat Apr 19, 2008
If you can't afford the new house, the answer is pretty clear. Explain to your tenants that if you don't move back in, the sheriff is going to come and remove them after the foreclosure. Move back to the original house which you can afford & sell the new one.
0 votes Thank Flag Link Mon Mar 10, 2008
If you purchased the home utilizing an FHA program that requires you to occupy the home as your principle residence and did so with no intention of doing so, you had better find a resolution quickly. However, It sounds as if you may be too late to do so. I would contact HUD to resolve this issue immediately as you very well could be prosecuted for mortgage fraud which is a very serious issue (Federal Crime). Do not, under any circumstances, avoid the issue or, lie to investigators. If they have notified you that they are aware of this issue you had better be in constant contact with them with regard to this and cooperate completely with them. HUD, in conjunction with FBI investigators are pursuing mortgage fraud participants with much zeal. Good luck to you.
0 votes Thank Flag Link Sun Feb 10, 2008
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