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How long do we have to stay in our primary residence after refi to avoid a mortgage fraud?
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how long do we have to stay in our primary residence after refi to avoid a mortgage fraud?
Passive Income
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2 Comments
December 13th, 2009 at 7:43 pm
There is no safe harbor. Plan on 2-3 years before trying to claim you just now had the idea to move out.
December 17th, 2009 at 6:36 am
I think it depends. If you turn around and buy a new home immediately and convert your former residence to a rental, you are on a little shaky ground. However, if you are now selling the residence, there is no harm no foul.
I don’t think anyone even asks your intent beyond 12 months in conjunction with a loan closing and even at that there is nothing binding about the time frame.
If there is no default (that is the payments are made as agreed), the chances of anyone ever alleging fraud is minimal at best.