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Real Estate
Reply to "Removing a second home rider from mortgage - how does it works?"
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[quote=Anonymous]Consulting a lawyer is foolish advice? I'm simply pointing out that if the buyer was truthful on the loan application (which becomes part of the loan documentation file) that they intended to rent the house, but there was also a rider in the loan documents that prohibited renting, this created a discrepancy in the loan documents. Basically an indefensible position for a bank to call a default, which they would not likely do anyway with a performing loan. Is there a risk, absolutely. But what I was pointing out is that it is a similar risk to that taken by large numbers of people who buy houses with primary residence mortgages who have no intention of long-term occupancy. It's a common circumstance, and I have never heard of anyone being foreclosed on for the contested violation of a non-monetary covenant. I would be curious as to the link you have for such a foreclosure.[/quote]
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