QUESTION
Converted residential home into commercial property. What happens with my mortgage?
Asked on May 10th, 2013 on Real Estate - Pennsylvania
More details to this question:
My home was zoned residential and commercial. I got a residential mortgage. A year later I turned it into a business. Can the mortgage company demand payment? I am a very good customer and pay more than is owed monthly.
1 ANSWER
Elder Law Attorney serving Butler, PA
at
Dorothy J. Petrancosta
Update Your Profile
If primary residential use no longer exists you run the risk that the lender will call the mortgage and require a commercial mortgage. Ask first, get it in writing if you are told it is OK. If you do not ask you run the risk.
Answered on May 11th, 2013 at 3:39 PM