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Asked by adison.idle, Indio, CA Thu Jun 27, 2013

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Answers

3
Jeffrey Masi…, Agent, Scottsdale, AZ
Thu Jun 27, 2013
Dear Adison:

I believe you answered your own question. Based on what you are saying you are prohibited from not occupying the home for one year. Of course no one here in this open forum has your loan agreement in front of them to see if there are any other words that you have not included.

I would encourage you to read the loan agreement carefully, ask your lender and your attorney if you are not sure.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart
Arizona homes and land for purchase or sale
http://ArizonaHomesLand.com
JeffMasich@ArizonaHomesLand.com
480-556-0940
0 votes
Do you know if I am "allowed" to live in the house if I refinance it as an investment property? My fear is, what If i refinance it as my primary residence, but in 6 months need to move?
Flag Thu Jun 27, 2013
BParker, CPA*, , Scottsdale, AZ
Thu Jun 27, 2013
I should have finished that last sentence:

"...had 10 days to pay off the full amount or the lender was going to commence procedures to take back the home."

If you are planning to use the home as an investment property, you are better off stepping up and paying the extra amounts due to the lender for them taking on the added risk of a borrower defaulting on an investment property vs a primary or second home. You may not get caught cheating, but what if???
0 votes
BParker, CPA*, , Scottsdale, AZ
Thu Jun 27, 2013
Hi Adison:

What you are discussing is called "mortgage fraud".

We had a borrower do this with a purchase about a month ago. Two weeks after we were done, the ultimate lender sent someone out to the home to verify the borrower was actually the occupant. They were not, and the lender called the Note "Due and Payable". The borrower had 10 days to pay off the full amount...

Be aware.
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