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Updated over 7 years ago,
Can I resell my house with OO loan after 4 months?
Please help !!!Recently Bought a house with Owner Occupied Conventional loan 20% down backed up by Fannie Mae . Unfortunately 2 months after closing I had to quit my job because of stress and health issues . Now I am facing financial difficulties and need to sell my house even if I loose some money from my down payment. I signed Owner Occupancy affidavit for 12 months (that I will occupy the house as my primary residence for at least 12 months unless circumstances exist which are beyond the Borrowers control) . What is the procedure in my case ? Should I let my mortgage company or Fannie Mae know about putting the house on the market ? The mortgage doesn't have a prepayment penalty but I am afraid to let my lender know about selling the house because obviously they are going to loose their commission. I read about mortgage fraud and penalties and it stresses me out even more. Any advice or experience would help.