So long story short, I bought a house a few months ago that I did intend to live in when rehab was complete. Well one thing let to another and I ran out of money and borrowed a little from family to finish the house. Now it's complete but Im in quite a bit of debt in many ways right now. If I were to sell the house I could pay it all of and make a little profit once its all said and done.
My question is, when I bought the house I signed papers saying that I was a owner occupant and was going to live in the house. Am I going to have problems selling? I did intend to live in the house, but just cannot afford/justify it now.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
If you have, what is referred to as "life changing events" which is really left speciffically undefined, you are free to sell without any issues. The trick is to justify the life changing event that requires selling the home. Unexpected debt and financial hardship can fall into this definition and justify a sale. If it is indeed a hardship just be preparied to show that position.
There is no deed restriction per se arising out of your type of loan.
Other lenders may have restrictions for your buyer to be financed prior to 90 days. Good luck...
So I called Fannie Mae directly and what the lady I spoke with told me is I need to talk with my Mortgage holder/bank.. She said they are the ones that will allow me to sell the house without and penalties..