What is the name of your state (only U.S. law)? ohio
got a loan 8 years ago on a house and recently moved into another. can't sell it, so I wonder if I can rent it. the mortgage paperwork I have reads:
Occupancy statement
We hereby certify that our intent in seeking this loan is to obtain financing for purchase of a home to be used as our principal residence, with occupancy to begin within 30 days after close of the escrow and to extend for an indefinite period of time into the future.
we recognize that nay loan made pursuant to this application is contingent upon owner occupancy and agree that (1) failure to occupy the property as provided in this certification shall constitute a default, I must, upon recall of the loan by [bank name] immediately pay the full balance of the loan and any other amounts to which the note holder is entitled upon default.
I also have a security instrument that states under section 6. Occupancy
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 the borrower's principal residence for at least one year after the date 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.
My loan was sold to Freddie mac a year later and is serviced by phh mortgage service. I don't want to ask them because I don't want them for any reason to call in the note. So I was wondering if it was possible with these to documents for it to be a rental property?
got a loan 8 years ago on a house and recently moved into another. can't sell it, so I wonder if I can rent it. the mortgage paperwork I have reads:
Occupancy statement
We hereby certify that our intent in seeking this loan is to obtain financing for purchase of a home to be used as our principal residence, with occupancy to begin within 30 days after close of the escrow and to extend for an indefinite period of time into the future.
we recognize that nay loan made pursuant to this application is contingent upon owner occupancy and agree that (1) failure to occupy the property as provided in this certification shall constitute a default, I must, upon recall of the loan by [bank name] immediately pay the full balance of the loan and any other amounts to which the note holder is entitled upon default.
I also have a security instrument that states under section 6. Occupancy
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 the borrower's principal residence for at least one year after the date 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.
My loan was sold to Freddie mac a year later and is serviced by phh mortgage service. I don't want to ask them because I don't want them for any reason to call in the note. So I was wondering if it was possible with these to documents for it to be a rental property?
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