Legal Question in Real Estate Law in Florida
How do banks enforce the one year residency requirement on a streamlined refinance? What do they do if you cannot stay entire year but continue to make timely mortgage payments
Asked on 1/06/11, 6:13 pm
1 Answer from Attorneys
Shelly Schellenberg MI & FL
private practice
Banks have the right to strictly enforce the terms of the mortgage. They may send mail that can't be forwarded, check with insurance company etc to determine if you have breached the terms of the loan. Generally, banks just want the monthly payment and they want it on time, but there is no guarantee that they will "look the other way" just because you continue to make the payments. Everything has changed in the mortgage industry in the past 2 years.
Answered on 1/11/11, 7:20 pm