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Loss of eligibility
- UC may extend the required repayment date on your loan for up to 2 years. After the extension, the University will re-evaluate the status of the property to determine whether an additional extension is warranted.
- UC may temporarily waive the requirement that you use the property as your principal place of residence.
- If your loan has been sold to an investor, the investor must approve any requested exceptions.
- If you are requesting an exception to policy to allow you to temporarily rent out your property and purchase another property, provide the following:
- Documentation of a hardship situation that necessitates moving to another property (for example: medical reasons, change in family circumstances, commute times, etc.)
- Documentation of the current value of your property (generally a full appraisal by a University approved appraiser is required).
- Documentation that you have insufficient assets to pay off the shortfall in the event that you were to sell your property for less than the outstanding loan balance(s).
- All loan payments and property tax payments must be kept current during the exception period.
- Sufficient hazard insurance coverage must remain in force.
- All exceptions are contingent on the continued maintenance of the property.