Reply to Removing a second home rider from mortgage

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Reply to "Removing a second home rider from mortgage - how does it works?"

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[quote=Anonymous]I would be careful, in the most extreme case, if you take the early PP's advice and go ahead and rent the home out while the rider is still in effect, you have committed loan fraud and the lender can call the mortgage due and force you to pay the entire mortgage back.  If you don't, they can foreclose on the house.  So you should consult with a real estate lawyer to find out how to get that rider removed before you actually try to rent the home.

This is why I hired a real estate lawyer to review my mortgage documents before we closed.  For $650, he reviewed the docs, and also attended our closing and skimmed and explained in simple English what every document was that we were signing.  He ended up catching a significantly large error (they had locked the wrong rate and put a higher interest rate on our closing HUD than was on the preview HUD).  It saved us over $3000 and more than made up for the fee that we paid him.  If you had hired a lawyer, you could have avoided signing that rider in the first place.  I've never understood why people are willing to spend hundreds of thousands of dollars, and not hire a lawyer for a few hundred dollars to ensure that they don't do anything stupid with the biggest purchase of their lives.[/quote]

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