My question involves a mortgage in the state of: TX
I am wondering if it is possible to remove an occupancy restriction on a mortgage, and if so how to go about it, if needed and possible. The mortgage says I need to occupy the home within 60 days of the execution of the security instrument and "shall continue to occupy the residence as Borrower's principal residence for at least one year after the date of occupancy."
I began occupying the home in 2004 and have been since.
I signed the mortgage to refinance my home 2 months ago, intending to stay here long term.
My situation has since changed, and I would like to move out but retain the unit as a rental property.
I realize this change may not be welcomed by the lender, and would like to know more about potential options before contacting the lender.
Would I have to completely refinance the property to remove the restriction? Or since I was already living in the unit, would the "date of occupancy" refer to my original date of occupancy in 2004, allowing me to satisfy the one year requirement immediately upon execution?

