I'm going to google but thought I'd throw this question out for you guys.
A friend of mine just moved out of state for a job. He owns a duplex and was living in one side, renting out the other. He just got a letter in the mail stating he was in breach of his mortgage contract with the bank by moving instead of living in the home. What are his options short of moving back? And what consequences does he face from the mortgage company?
I'm guessing he's got pretty good credit, makes around $50k salary, mortgage might be around $100k. How difficult would it be for him to refinance?
A friend of mine just moved out of state for a job. He owns a duplex and was living in one side, renting out the other. He just got a letter in the mail stating he was in breach of his mortgage contract with the bank by moving instead of living in the home. What are his options short of moving back? And what consequences does he face from the mortgage company?
I'm guessing he's got pretty good credit, makes around $50k salary, mortgage might be around $100k. How difficult would it be for him to refinance?