Legal Question in Real Estate Law in Maryland

We just rented a HUD house in MD only to find out, by phone call, from the realtor that we have to live in it for at least 7-12 months. The tenants have signed a year lease and we are told that it is a felony that we have committed. Things changed finacially to make it the smarter option to stay in our original home. Is there anything we can do to avoid jail and/or fines? We had no idea we were brealing any laws.

Asked on 10/27/13, 9:49 am

1 Answer from Attorneys

Robert Sher Wagshal and Sher
0 users found helpful
0 attorneys agreed

Your interest rate on your mortgage loan was based upon owner occupancy, and at settlement you signed an affidavit pledging to live in the house for the requisite time period. That said, I have never heard of anyone being prosecuted for this by HUD. Your problem now is that if you break the lease the tenants could sue you. At this juncture the lender's interest is in receiving its mortgage payments on time.

Read more
Answered on 10/28/13, 8:44 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in Maryland

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now