problem solving a mistake

[Selina Rifkin]

We own a house that was paid off in town with a very desirable school system. We took out a loan against it and bought a house in a cheaper town and have now moved in with the plan of renting out the more desirable house. We just hit a roadblock. I have a notice in my hand that the terms of my mortgage was that we had to live in the first house for at least a year and that we are violating the terms. Yes, we are talking to our lawyer tomorrow, but I'm going with worst case scenario and assuming that we screwed up. Can we refinance? How quickly do companies come done on you? Refinancing takes time...