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Answers (4)
Best Answer
- Chris Jones, "Christopher Jones"
- Contributions:135
If you signed your first mortgage documents without the intent to live in the property as your primary residence, then you've already committed fraud. If you didn't, then you haven't. Most lenders' closing documents have some period specified, usually a year, but that's "intent", and there's no fraud if you intended to live there and circumstances have changed.
The real-world answer is that if you keep making the payments, it is unlikely that anyone will care. But that's not what you asked.
The real-world answer is that if you keep making the payments, it is unlikely that anyone will care. But that's not what you asked.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
If you received the answer to your question, that's great. If not, you need to drfine it better.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Most lenders to my knowledge require the second home to be in a vacation area which is what my rep gave to me recently from two wholesale sources.
Good Luck
Good Luck
- Andrew Adams, "203K Specialist"
- Contributions:9349
Most primary residences don't really pass the 2nd home test. Being that the home would need to be in an area that a second home makes sense! Vacation area most often but not always.
how long do we have to stay in our primary residence after refi to avoid a mortgage fraud?
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