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Can I refinace my second home to an investment home?

I have a home in Arizona ,( I live in California), mortgaged as second home with rider that states I cannot rent it. Current loan is at 6.0%. Current balance is 162,800. Freddie Mac value of home is 147,500. Current loan is Freddie Mac. Can I refinance this home as as investment home under HARP2?

If not, how can I go about legally renting this home? Can I ask current servicer, (Ocwen), for permission to rent the home. I have no financial hardship,  just do not want the home to sit empty as husband's health is not good and we may not be able to use it as a second home anymore.

Any advice or thoughts about this situation greatly appreciated.
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November 16 2012 - US
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Answers (1)

Judging by the rate you've had the mortagage for a  few years.

The occupancy provision in the security instrument usually only has that "do not rent" requirement for the first 12 months of the mortgage.

read it again and if that's the case and the loan is older than 12 months you should be able to rent it without violating the terms of the loan.

Technically you can't refinance a Freddie Mac loan under HARP because HARP is a Fannie Mae term; the similar product offered by Freddie Mac is the Freddie Mac Relief Refinance Program. If you are eligible for that program  then refinance it as an investment property.
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November 16 2012
 
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