I have purchased a condo in Maryland, PG County 3 years ago with fha loan. Due to a life changing event, I ve moved somewhere else in the same state. I m currently renting out my condo and norified my mortgage company. They sent me letter saying, i ve signed a tax exempt bond rider and I ve to live in my condo as long as I have the loan. They are giving me 12 months allowance to live outside of my condo but after that they say either I ve to refinance or sell.
I ve checked the tax exempt rider document and can't find anything that mentions that. When I closed my house I was told fha requires to occupy your property 1 year right after the purchase.
I ve called my original lender and realtor they say it's total nonsense what the mortgage company is telling me and just ignore them.
I just need other opinions and how to fight back.
When I did my closing no one mentioned that I ve to occupy my property as long as I ve the loan. Is the mortgage company trying to sell me a new loan with higher interest rates?
Any help would be greatly appreciated!
Read more: Fha loan with tax exempt bond rider?
