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


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 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  Find a real estate lawyer and check his or her disciplinary record at under attorney search.

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