A homebuyer in Missouri bought a condo in Chicago and lived there for four years before moving and renting the condo out over the next six years.
Over that time he obtained a refinance loan, from which property taxes were supposed to be paid from an escrow account. Four years later, the buyer discovered the taxes had not been paid and he sued the servicer for RESPA violations among other complaints.
Because the refinance was conducted after the buyer had moved, the district court in Missouri had to determine whether the property had residential or commercial use. Read on for the court’s ruling.
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