So here is an overview of my situation. I have a mortgage that was obtained approximately 4 years ago through Marylandâ€™s CDA/More-Home-For-Less program. Unlikely many unfortunate souls who I see posting on here (my heart goes out to all of you in far worse shoes than I), I am actually not in any danger of foreclosure or losing my home. I have a stable full time job (have been here about 3 years) and have paid my mortgage on time since I have owned the home. My house (condo) is indeed upside-down on the mortgage, but only by about 15K (condo is worth around 170K now, mortgage currently at about 186K), which in the world of mortgage isnâ€™t much at all.
The problem is I am looking to move away to the other side of the country for personal reasons (new job, boyfriend, etc.) in about 1 year. I want to keep the house, but of course rent it out. The problem is CDA mandates that the original owner occupy the home FOREVER, period. As in no matter how long you have lived there, you canâ€™t ever rent it with a CDA loan (I had no idea this was the case until recently). In addition, my home does NOT qualify for the 125% remortgage program under Obamaâ€™s program because itâ€™s not held by Freddie Mac or Fannie Mae, but rather bond-held (as I understand it, but I might be wrong).
There are other good and bad sides to my current financial situation otherwise. The good side, as aforementioned, is I am not behind on my mortgage, and I have a stable job. I also have a good amount of spare cash in savings in the bank. I also have an excellent credit score (not a single late payment of any kind on record for anything). The bad news is I have my fair share of credit card debt and student loans which I am working to pay down, which may hinder my ability to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] (though I am not at all behind on either).
I am wondering what the best option is. I called my mortgage-holding company (they are a sub-servicer, so they donâ€™t refinance loans, only modifications to existing ones in cases of hardship), and they said there is no way to get a CDA loan to allow for renting unless I can file a hardship letter which gets approved by the MD Department of Housing and Community Development, and they can then put a waiver on my loan that allows me to rent it out. The problem is, until I actually move away, I donâ€™t know how I could file a hardship at this point since my financial situation hasnâ€™t really changed for the worse yet. In addition, if I wait to actually move away, I would be stuck fixing up the condo to rent and then having it stand vacant until I (maybe) get approved for a rent waiver, and if I get denied, I am really screwed, as I would be forced to stop paying on it, and likely lose the home all together.
The only other option I have is to refinance or sell (I have no desire to sell, and likely couldnâ€™t in this climate anyway). I am wondering if there is any lawyer/non-profit/entity out there that could help me refinance with another company so after living there 1 year, I could do what I wanted with it. I donâ€™t consider it rental property because I will be moving back within a few years and living in it at that time, so the renting is temporary.
I have done a good amount of browsing on these forms, and see many references to places like NACA, HopeNow, etc., but I seems like they all specialize in foreclosure-bound properties and working with people who are unemployed, etc. Since my situation is quite different, I am trying to fish for what the best option is. My hope is that I can simply get the renter waiver based on hardship and avoid a full refinance, but I am not sure what hardship I would need. If that is out, then I need to refinance, but I need to know how to get started and whom to do it with (safely and effectively).
The plus side is as noted, i have money in the bank and can likely afford a lawyer if i can find one who specializes in CDA loan mods (depending on what they charge and assuming they are reputable).
Any recommendations or help anyone can offer is much appreciated. I know my situation is complicated.