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Posted: Fri Jan 16, 2009 2:05 pm Post subject: Do I have to refinance

bought a small house using the first time homebuyer program allowing me a soft mortgage of $15,000 due when sold. The house is worth $150K I've some value-not to much(lucky me)even with the decline in the housing market (pd 162K0. My mortgage is small-additional 50K. Well, the wonderful part of this is now that I recently had gotten married--we have two homes. We've temporarlly moved into his house for money reasons to get through these times. My loan insists I live in the house I bought. We are living in his house currently because of location (both houses are in the same town). If we could sell his house we would-this market it won't happen. My loan company letters are telling me I have to refinance. If we still plan to move iinto my house do I have to get an investment loan?
I've got great credit-working and have equity in my home. If I'm making my payments-do you think they'd force the issue right now?

jameshogg · Posted: Fri Jan 16, 2009 9:22 pm Post subject:

Hi Guest,

If your loan agreement states that you will have to stay in the property, then the lender will have the right to ask you to refinance the loan on different terms though you are paying the mortgage dues on time. However, I don't think you will have to take an investment mortgage. Moreover, you may even refinance the loan with any other lender as well. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation and get to know what kind of rates and terms you might get.

Thanks

evolovik26 · Posted: Fri Jan 16, 2009 9:37 pm Post subject:

I am assuming its a bond (city or county) program. But its hard to tell without reading your agreement as to what you have the rights to.
How did they find out that you have moved?
Are you renting out the property?
If you were supposed to occupy the property as part of the deal on the Down payment assistance then you might need to sell or refinance the property or move back.
Go back and read the papers you were given. Then consult with a local mortgage professional. Then perhaps with a real estate attorney. You can also call the lien holder and see why they think you need to refi.

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Do I have to refinance