What is the name of your state (only U.S. law)? Ohio
While living in Ohio, I bought a home in November 2007 on a federally back loan. In September 2008, I was offered and accepted a federal job in North Carolina. This job requires me to be a member of the United States Air Force Reserve. My wife and child lived in the home until November 2008, then moved to North Carolina to be with me. The home was put on the real estate market for about 18 monthes and very little interest was shown in the property. The decision was made to remove the home from the market and have a family member stay in the home to maintain upkeep and assist with expenses. Due to this loan being a federally back loan, the bank is claiming that I must be living in the home for the duration of the loan. I looked over original loan paperwork and found a document (the Ohio Security Instrument - FORM 3036) that states:
"Borrower shall occupy, establish, and use the Property as Borrower’s principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower’s principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower’s control."
The bank sent me a copy of the Tax Exempt Rider that I signed that from what I can tell in between the "legalese" states that I must occupy the property, but it doesn't state for how long (I would imagine it should state for the life of the loan or something like that).
My question is since I lived in the home for one year and honored the contract in accordance with the FORM 3036, how much weight does the requirement for the tax exempt rider hold as to me having the occupy the home?
Please advise.What is the name of your state (only U.S. law)?
While living in Ohio, I bought a home in November 2007 on a federally back loan. In September 2008, I was offered and accepted a federal job in North Carolina. This job requires me to be a member of the United States Air Force Reserve. My wife and child lived in the home until November 2008, then moved to North Carolina to be with me. The home was put on the real estate market for about 18 monthes and very little interest was shown in the property. The decision was made to remove the home from the market and have a family member stay in the home to maintain upkeep and assist with expenses. Due to this loan being a federally back loan, the bank is claiming that I must be living in the home for the duration of the loan. I looked over original loan paperwork and found a document (the Ohio Security Instrument - FORM 3036) that states:
"Borrower shall occupy, establish, and use the Property as Borrower’s principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower’s principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower’s control."
The bank sent me a copy of the Tax Exempt Rider that I signed that from what I can tell in between the "legalese" states that I must occupy the property, but it doesn't state for how long (I would imagine it should state for the life of the loan or something like that).
My question is since I lived in the home for one year and honored the contract in accordance with the FORM 3036, how much weight does the requirement for the tax exempt rider hold as to me having the occupy the home?
Please advise.What is the name of your state (only U.S. law)?