N
nickacarroll
Guest
My wife and I are landlords--not by choice--we couldn't sell our old home so we decided to rent it. We were dismayed to learn that the mortgage stipulates the owner must occupy the property. The bank (US Bank) told us that we either had to: re-occupy the property, sell it, or refi.
We don't want to do any of those things. They have given us a month do comply or they claim that we will be in default of the mortgage agreement (which is true) and will accelerate the loan. HERE'S THE QUESTION: Do you think that they will actually follow through, or are they bluffing? We have owned it for five years and have never even been late on a payment.
All of you brokers and investors give me your best advice. Thanks!
We don't want to do any of those things. They have given us a month do comply or they claim that we will be in default of the mortgage agreement (which is true) and will accelerate the loan. HERE'S THE QUESTION: Do you think that they will actually follow through, or are they bluffing? We have owned it for five years and have never even been late on a payment.
All of you brokers and investors give me your best advice. Thanks!