Refinanced closed 7/30/12. Found new home we want. Deed of trust states we must remain in home for 12 months so buying the new and renting out old isn't an option. Is there anyway around this besides selling? Would selling on contract get around this?
Most deed of trust have the clause that you will have to stay in the property for the next 12 months before you can take out a new loan or rent the property. As Mint has suggested, you should check out the refinance documents carefully in order to find out whether or not you will be able to sell off the property without any penalty.
Did you check your selling options? Will you get a handsome amount of money by selling it off? Check these before taking the decision of selling off in order to get the new one. Have a talk with the lender too.