Aran23d, Home Buyer in Forum, Fort Myers, FL

if I buy a second home and take a prnciple loan out (not investor loan) and move my homestead to this home, what happens to my first loan which

Asked by Aran23d, Forum, Fort Myers, FL Wed Apr 13, 2011

if I buy a second home and take a prnciple loan out (not investor loan) and move my homestead to this home, what happens to my first loan which is also not an investor loan when the bank finds out... what can they do? can I have two regular loans neither of which is a investor loan.. can my first bank call the loan, can they change my loan terms.. ??

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Aran23d, Home Buyer, Forum, Fort Myers, FL
Wed Apr 13, 2011
OK Ill be more specific.. Im buying a new home an upgrade from my original home Ive lived here for 9 years.. now the new morgage co doesnt seem to care and they are writing me up as a primary residance as I indend to homestead there and sell my current home,.. but what happens if I dont sell my current home and end up having to rent it for awhile.. and now my bank finds out I am not homesteaded there.. will they be piss*d ..what if anything can they do.. they cant touch my loan can they? cant force me to modify it to an investor loan can they? what if I refuse.. do they just have to accept it as long as I am making my payments.. What if I never homestead at the new home I am purchasing and keep my homestead here.. but put renters in it.. and live in the new un homesteaded house.. just trying to find out ramifications of all.. intent is to upgrade and sell this one.. but.. what if i cant.. sell.. and forced to keep awhile then what.. both loans stay the same.. can I get into any trouble..the current morgage company knows I have a primary residance and they are giving me a primary loan based that I will homestad there thanks
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David Lang, Agent, Fort Myers, FL
Wed Apr 13, 2011
You can have two homes in which one is your primary residence and the other is a second home. The newly purchase home was purchased and financed with guidelines and rate of that of a second home (which at the time was correct), everything is fine. Even if you did not mention to them specifically that you were purchasing a second home, they took it as such because they knew that you owned the other property (you can not own two primary residences). Changing your primary residence to the second home is perfectly fine, as all of your loan qualifications and rate were based on that of a second home.

David Lang
Keller Williams Realty
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Marc Comisar, Agent, Bonita Springs, FL
Wed Apr 13, 2011
Not sure how to give you a correct answer on this and it is more of a legal question. Therefore I suggest you contact a Real Estate attorney.
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Fred Glick, Agent, Mountain View, CA
Wed Apr 13, 2011

It depends how long you've had the mortgage on the first home.

If you just got it, it will be an issue. If not, you are fine.

I am licensed in FL and know the ins and outs. so please call me with any questions at 877-282-5789.
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