Owner Occ

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Does anyone know the rule or law of an owner buying a property as an owner occupy and then moving out. How long does an owner have to live there...at the shortest amount of time and still own it as a rental, after moving out.... and if there is a 3 year prepayment penalty does moving out trigger the penalty?? ?

[ Edited by jerry55 on Date 08/05/2004 ][ Edited by jerry55 on Date 08/05/2004 ]

Comments(1)

  • Lufos5th August, 2004

    the stuffy answer I give all my clients is:

    Read the Contract signed at time of sale and of course the loan documents that were in essence part of the transaction.

    Ok now to life as it is lived in the round world.

    When you move out, you do it for a reason. Your wife left you. Your wife would not leave you. You caught a terrible disease from the flowers that grow in the spring, tra la. Your job insisted that you move. You got fired from a family corporation of which you purely by chance happen to be the General Manager. On and on it goes, pick one you like and conform to it.

    It is done everyday and frankly most of the lenders go along. As to the prepayment penalty, the courts of the various states are beginning to view them with grave distrust. Lenders are being very careful at this instant not to do anything too anti social.

    Hope this is of help. Works for me.

    Lucius

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