Go Back To Search Results Question Just refinanced home and want to move soon...? I have been dating a guy for 10 mo. and we plan to marry sometime in the future. He moved four hours away b/c of a job transfer. I was planning on moving closer to him in Jan. I just refinanced my house last month to lower my payment. I noticed in my closing documents that I have to claim my current house as my primary residence (and provide proof if asked) for at least one year which is next July. But I want to move in Jan. The contract also says the mortgage co. will allow me to move if there are extenuating circumstances that are beyond my control. When I moved, I hoped to rent out the house. But if the contract says I have to claim this as my primary home for 12 months I can’t do that either. Does my reasoning justify cause to move earlier than the contract allows? Or am I screwed and half to wait a whole year before I can be closer to my sweetie? Is there some way out of this without breaching the contract and putting myself in major in debt? Does anyone have any advice? By doll baby Posted on 07/09/07 Total Answers 4 Answers- Your fiance's relocation is a justifiable reason for you to relocate. Contact your lender and explain the situation. Ask them to waive the last 6 months owner occupancy requirement. They should comply. Answer by : mazziatplay On Date 2007-07-09 14:06:42 Sounds like the mortgage company wanted to protect itself from people turning over property for profit as that's costly to them. Why not rent out the house and claim what you want; just don't buy a new one (or cosign with your sweety) until the year is up...it's not like they're going to visit you. Alternatively, get a lawyer to look at the contract. Most people do refinancing without one and you may be able to make claims you're unaware of. Answer by : canela On Date 2007-07-09 14:08:50 It is very rare mortgage companies ever check on those things. Usually they reserve that for the loans they are questioning the validity of the primary home in the first place. Besides if you are moving to be with your fiance' you already have a justifiable reason built in. Answer by : flamingojohn On Date 2007-07-09 14:16:28 What you signed is an "owner-occupany" declaration. Banks charge higher rates if the mortgage is for a rental property or a second home...this is a high incidence of fraud, so they make you sign that document to show that they have some recourse for material misrepresentation when you did the refinance. I would call the mortgage company and be straight with them. Provide proof that you are currently living in the home. Keep in mind, that they have the right to re-negotiate your rate if they don't consider your situation "extenuating circumstances"...if you were actually getting married, or had the job transfer involuntarily...that is a little different. This is actually a choice you are making. Whatever you do, don't try to move and hope they won't find out. There is alot of people that try to do that, and many times they get caught. If you have renters, and owner-occupied hazard insurance, and something major happens to your home, not only will your insurance company not pay (which will make it hard for you to pay for major repairs), if the mortgage company finds out about it, they have the legal right to "call the note". Mortgage company DO spot check their properties, randomly, on recent refi's such as yours. One of the largest mortgage lenders in the nation has an entire team dedicated for this purpose. Answer by : Mary B On Date 2007-07-09 14:24:20   Go Back To Search Results