FHA Mortgage withdrawal?

Posted on Sep 12, 2012 in FHA Information

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Stated Income Loan – FHA Streamline Refinance

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Question by : FHA Mortgage withdrawal?
I have an FHA mortgage that I was not aware if I move the mortgage company will question me. The house was bought 2006, try due to family increase I needed more room, and this happened sept 2011. when I moved to a new rental place to accommodate my family, the mortgage company sent me a letter that am not supposed to move, or else they will enforce the FHA Rules and Regulations. I never changed my mortgage address, or my driver license address, but I asked my mails to be forwarded to my new address. I have a cousin now living in my FHA home and am helping him, but not paying rent or anything. My mortgage payments are upto date and no late payments. I intend to continue making my monthly payments promptly.
1. How did they find out I moved?
2. What can I do to get out of this mess?
3. Is it true after 10 years I have the right to sell the home?
4. I have 10 days left to sign and return a document that I still live that location, do I sign it and return it to mortgage company?

Best answer:

Answer by Cathi K
You probably gave the post office a change of address form. Mail went back to the mortgage company. The loan you have is for your home not for a rental (collecting rent or not). Most loans have a requirement that you must live in it for a certain period of time. If you sign the form saying you live there and you do not, you are signing under penalty of purgery.

Know better? Leave your own answer in the comments!

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  1. Your FHA mortgage requires YOU to live in the home as your primary residence. Not changing your driver’s license is irrelevant (except in the fact it shows you were trying to conceal that you moved), you must PHYSICALLY reside in the house.

    1. You had your mail forwarded. Only reason to do that is you do not live there anymore.
    2. Move back into the house or sell it
    3. You can sell it right now
    4. Only if you actually live there. If you sign it and send it back and you DON’T live there, you are committing fraud and they will call the mortgage due – which means you will owe the WHOLE amount of the mortgage IMMEDIATELY.

  2. Unwittingly, you’ve opened up the lender to potential liability. First, your homeowner’s insurance.

    Your policy protects you and the lender against loss. If you are allowed to rent it out, then the insurer will require you to have a dwelling policy (structure protection) and not a regular HO3 – which would protect your personal belongings.

    2. The lender may require you to sell it, so that they can be removed from liability (read your Deed of Trust). An explanation is in the website below.

    3. If you can’t sell it for the amount owed, you’ll have to pay the difference. The lender may consider a short sale, however, you’ve already proven that you have enough money to pay a mortgage and rent.

    Chances are, by now, your actions are being investigated.

  3. you haveg to be a primary resident