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Matt Jones
Pro Member
  • Real Estate Agent
  • Pensacola, FL
287
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346
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What happens if I don't move in Fannie Mae Property in 60 days? Bought as an owner occupant.

Matt Jones
Pro Member
  • Real Estate Agent
  • Pensacola, FL
Posted Jul 16 2015, 15:05

I bought a fourplex from Fannie Mae about 60 days ago as an owner occupant and I have yet to move in.  I do plan to live there but I've had two contracts fall through on my house and I have a flip that is taking longer than expected(which ofcourse I should have expected).  I need to sell something so that I can fix up my fourplex and move into a unit.  What will FNMA do if someone reports me for not moving in by the deadline?  I did, and still do, intend to move in but I've had some circumstances beyond my control prevent me from moving.  Will they really fine me $10,000 for not being able to move in on time?

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