So would it be considered fraud if the second home was purchased as rental property, then the owners decided to move into it, not rent it, and foreclose on it? Would that be illegal?
So would it be considered fraud if the second home was purchased as rental property, then the owners decided to move into it, not rent it, and foreclose on it? Would that be illegal?
It won’t be considered fraud or illegal. People’s lives change & their need change. They have the right to move around & switch homes.
One thing to consider: in most cases, the purchase of a rental property requires a 30% down payment & higher-than-normal interest rates (i.e. higher interest rate than the rate for a primary residence).
It won’t be considered fraud or illegal. People’s lives change & their need change. They have the right to move around & switch homes.
One thing to consider: in most cases, the purchase of a rental property requires a 30% down payment & higher-than-normal interest rates (i.e. higher interest rate than the rate for a primary residence).
Hey GN, I was thinking the same thing. VC, weren’t you the one that posted many times over several threads about buying a Temecula house from your landlord for $350K or so? Is this the house you are talking about here?
Hey GN, I was thinking the same thing. VC, weren’t you the one that posted many times over several threads about buying a Temecula house from your landlord for $350K or so? Is this the house you are talking about here?
what if you have a HELOC opened but haven’t touched any of the money yet, do you still have a non-recourse loan in place that you can walk away from, or does it complicate the process????
what if you have a HELOC opened but haven’t touched any of the money yet, do you still have a non-recourse loan in place that you can walk away from, or does it complicate the process????
Inasmuch as many of these borrowers have already committed loan fraud at least once, I’m pretty sure their inhibitions against doing it bigger/better by buying down won’t be very hard to overcome.
Inasmuch as many of these borrowers have already committed loan fraud at least once, I’m pretty sure their inhibitions against doing it bigger/better by buying down won’t be very hard to overcome.
“what if you have a HELOC opened but haven’t touched any of the money yet, do you still have a non-recourse loan in place that you can walk away from, or does it complicate the process????”
The HELOC is a completely separate legal instrument from the purchase money deed(s). No problems if it wasn’t used.
