Notice of Default from Lender on Second Home used as temp rental

[Daniel Rozen]

Hello all,

I'm in need your advice on how to handle the situation i am currently in.

A year ago we purchased a second home in FL and rented it out right away. To be honest, we were thinking of at least partially spending some time in FL during the Covid times but found a great renter for 1 year within a month of closing. It was great as we didn't have to drop everything and move there right away. Today, i received a certified mail notice of default letter from a lawyer's firm which lender retained to represent their interest. Apparently (my bad in reading the loan docs) i was not allowed to rent it out as a second home.  My guess is the lender is stuck with this loan as investment (more risk), while they wanted to sell it as second home (less risk). The letter does not tell me specifically what my actions should be with regards to this. 

Im sure some of you have dealt with situations like that so if you could share or educate me what my actions should be i would greatly appreciate it.

Best regards,

Daniel