Primary Residence too far from work or potential job.. what then?

[Patrick Boutin]

If you purchase a home as a primary residence (with a low down payment), and at some point after the purchase (for the sake of giving a number let's say it is 6 months to 2 years after the purchase):

• you realize the commute is much tougher than expected
• you loose your job and all the jobs you can find are not at all close to the property's location
• if you get relocated at your current job

What happens in this case? Are you forced to remain in that property or are you forced to sell the house given that it is no longer practical to have it as your primary residence knowing you need to move closer to where jobs are located?

[Chris Mason]

Hi @Patrick Boutin,

Bullet points two and three could not have reasonably been foreseen by you, nor are they things you control

Bullet point one, I'm going to call grey area at best, fraud at worst, and I'd suggest not playing with fire. 

This is the promise you sign at the closing table, note the final clause:

You picked the house at 456 Any Street, knowing that you work at 123 Market Street, so you'd have a hard time arguing that the commute is "beyond borrower's control" because you are literally the one who applied for the job at 123 Market Street, and applied for a mortgage on 456 Any Street.