invest/owner occupied (by mc [MO]) May 20, 2009 5:52 PM
invest/owner occupied (by Carolyn [MO]) May 20, 2009 6:03 PM
invest/owner occupied (by tyler [NC]) May 20, 2009 6:11 PM
invest/owner occupied (by Red [GA]) May 20, 2009 6:15 PM
invest/owner occupied (by JC [OH]) May 20, 2009 6:39 PM
invest/owner occupied (by Lori [NV]) May 21, 2009 8:34 PM
invest/owner occupied (by mc [MO]) Posted on: May 20, 2009 5:52 PM Message:
State Specific Question About: MISSOURI (MO)
if my lender knows up front that i will not be living in a house i am buying for a number of years but still insists on giving my a owner occupied rate vs invest rate, should i be concerned? will i be able to still take all the tax deductions as on a rental? i plan on renting the house until i move in(could be 5 yrs b4 i move in). --24.107.xx.xx |
invest/owner occupied (by Carolyn [MO]) Posted on: May 20, 2009 6:03 PM Message:
I would be suspicious of such a lender. It appears you had tried to be honest, but the lender wasn't.
It is fraud, and it appears the lender is willing to be fraudulent and trying to bring you in too.
I wouldn't do it - and I would find another lender. I don't want to base my business on fraud. And I would be too suspicious of such a lender to want to do business with him. Who knows how I might be cheated in some way by the samelender.
One of the first clues to whatever lender ends up holding the loan is that you will have a rental insurance policy rather than a homeowners policy.
--64.12.xxx.xxx |
invest/owner occupied (by tyler [NC]) Posted on: May 20, 2009 6:11 PM Message:
let the lender do what they want..BUT, you need to complete your own application and mark non-owner occupied..., and sign it too...
this document is bound to federal laws and lying on it is grounds of a fine up to 1 million dollars and 30 yrs in the pokey.
here those stories about loan fraud? well this is one aspect of it. --75.181.xxx.xxx |
invest/owner occupied (by Red [GA]) Posted on: May 20, 2009 6:15 PM Message:
to answer your first question. YES.
Second question yes.
--65.12.xxx.xxx |
invest/owner occupied (by JC [OH]) Posted on: May 20, 2009 6:39 PM Message:
I wouldn't worry about it unless you plan to default on the loan within the first year or so. I have NEVER heard of a lender actually checking up on this but it can become an issue if you default or get behind on payments. If they find out they will "call" the loan and you will have to cough up the balance.
After the smoke clears, you might wake up to the Feds knocking on your door and you might end up laying next to a big ugly looking guy (assuming you are a man) in the federal pen....but I still wouldn't worry about it as this rarely if ever becomes an issue. Roll the dice?? --24.106.xx.xxx |
invest/owner occupied (by Lori [NV]) Posted on: May 21, 2009 8:34 PM Message:
It's called Fraud. Don't do it. It only saves a little on interest. But the price you would pay if caught would be much much higher. --74.45.xx.xx |
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