Posted by River City on September 07, 2007 at 17:28:15:
Most mortgage documents state you must occupy the property as your primary residence for a 12 month period following the purchase or refinance, unless you got a loan that stated the property was income property. If your loan was an income property loan, the rate would have been higher. The lender believes you might have committed fraud when obtaining a loan as owner occupied when you rented the property two months after refinancing. They do have the right to call the loan payable in full, according to the mortgage documents. Read your “mortgage” or “security deed.” I do not know which state you reside in, so I do not know which document you signed. They are basically the same.