Buy and bail policy. Do I meet the relocation exemption or not?

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Buy and bail policy. Do I meet the relocation exemption or not?

I was recently pre-qualified for a second mortgage on a home 100 miles closer to my employment, in L.A. City. The underwriter is questioning my relocation from San Diego to Los Angeles where I work for the L.A.F.D. I meet all criteria for the relocation of the “buy/bail” policy. I drive over 120 miles to work one way. Credit score 760, 3.5% down, offer accepted on new home. I even wrote a 3 page letter as to why the move after 2.5 years of commuting. I’ve already leased my current home for 1 yr and have taken money for sec. deposit. from new tenant. Do I have a DISCRIMINATION case if denied?

Asked on June 1, 2009 under Real Estate Law, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

What you need to do is the following:

1. Contact the California Dept of Financial Institutions.

2. Contact your local L.A. Citycouncilman or City Attorney's office and see if Rocky can help you!

3. If the above two do not work (sometimes the city government cannot help or the state cannot help depending on who the lender/broker is),  try www.attorneypages.com.  Find a real estate lawyer and check his or her disciplinary record at www.calbar.ca.gov under attorney search.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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