I never intended on moving in. Now the house is behind in payments and someone said they might investigate whether or not i lived there. If they determined i never lived there, i'd be in trouble. Does anyone know about this?
2007-09-27 06:43:03 · 12 answers · asked by Jason 3 in Business & Finance ➔ Renting & Real Estate
you lived there 6 months found something better and rented it, you fulfilled they agreement there is no exact time line, I do all the time, I rent my current place move into the new one renovate and do it again. Unless you agreed to specific time there is no fraud
2007-09-27 09:06:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
We in the mortgage industry call this fraud. Yes, you could be in trouble. You signed a residency affidavit saying you planned to live in the house, when you never intended to do so. The rate was lower so you thought, "They'll never know". So you figured you could save a few bucks by lying. If you can get those payments caught up, you might avoid the problem. But -- I'm not trying to sound all righteous here -- since you chose to defraud the bank, you may very well have consequences to pay.
2007-09-27 06:50:39 · answer #2 · answered by Debdeb 7 · 2⤊ 0⤋
If saying you lived in the house helped you qualify for the mortgage you may need to move in. Otherwise there is nothing wrong with owning a second home, or even an investment property. It depends on how significant this quality was in securing the mortgage.
2007-09-27 06:46:55 · answer #3 · answered by Beaman 1 · 0⤊ 0⤋
If your mortgage payment was sent to the home in question you are fine. You could always say that you lived in the house for a while and then put it up for sale but it never sold. Banks would have a really hard time proving that you didn't live there.
Mark
Atlantis Financial
(866)272-6291
2007-09-27 06:52:03 · answer #4 · answered by Blade 1 · 0⤊ 0⤋
Chances are no one will know that you didn't live in the home, but the current lender will still file for foreclosure. Your only option is to get caught up on the payments and get a renter in that house. The loan officer who did the loan has more at stake than you do. They allowed you to commit loan fraud.
2007-09-27 06:52:03 · answer #5 · answered by Lisa B 1 · 0⤊ 0⤋
It is called occupancy fraud. If the mortgage company investigates they can charge you with fraud. I would either get the payments caught up or sell the house before they start investigating. Mortgage companies are starting to go after people for occupancy fraud. Whatever you do...DON"T LET THE HOUSE FORECLOSE!
2007-09-27 06:47:45 · answer #6 · answered by Investor Specialist 1 · 1⤊ 0⤋
There is no trouble. However, it may limit the type of assistance you could receive from the mortgage company.
FHA loans require that the loan is owner occupied in order to apply for the homeowner assistance program.
FNMA doesn't require this. However, they can deny the loan if they feel like your willingness to repay is shady.
Contact you mortgage company and see if you can qualify for assistance.
2007-09-27 06:47:39 · answer #7 · answered by Gene and Allum 2 · 0⤊ 0⤋
That is trouble for both you and your broker. Get current on your payements and refinance the house asap. You might be able to avoid an investigation if you change lenders.
Let me help
Jonathan Brinker
jbrinker@redhotrates.com
Residential Mortgage Center
Charlotte, NC 28217
http://www.redhotrates.com/StaffProfiles.aspx?ID=409369
2007-09-27 06:47:30 · answer #8 · answered by Anonymous · 0⤊ 2⤋
Yes you will be in trouble with the Federal Government. How far behind on House Payments are you? I may be able to help.
2007-09-27 06:47:49 · answer #9 · answered by ruscito_mom 2 · 0⤊ 3⤋
Wht you committed is called loan fraud. It is a Federal offence. Violators are being prosecuted.
You may well be the ashes of the crumbs formerly known as toast!
Deservedly so!
Hmmm, sounds like Blade may have ethics issues.
2007-09-27 07:19:06 · answer #10 · answered by Anonymous · 0⤊ 1⤋