[WSBARP] Query re Enforcement of Owner Occupancy terms

[Craig Blackmon]

Listmates, I am seeking any practical insight on whether lenders actually
enforce the terms of owner-occupancy restrictions. Specifically Client
refinanced and promised to reside in house for 12 months. A few months
later, and "Dream Home" is now on the market. Client is curious to know
practical risk of moving out and into Dream Home, then renting asserted
"residence." Any real-world insight is appreciated on how lender may react,
if at all.

And on the legal end - since I have your attention - it is my understanding
that the lender's remedy in most instances is acceleration (I haven't yet
reviewed the instrument at issue). Thanks as well for any thoughts there.

Enjoy the weekend! Go M's!!!

Craig

Craig Blackmon, Attorney at Law
Seattle Real Estate Lawyer <http://www.seattlepropertylawyer.com/>
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