Re: Is this Legal? - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on March 31, 2000 at 10:05:16:
At closing, did you sign something like an “owner occupant affadavid”? This states that you have intention to occupy this property as your primary residence. Since that is not your intention (demonstrated by living in these properties for 1 day), you have committed fraud. You may never be caught. You may be charged for a felony tomorrow. Sounds risky for a $6000 payoff.
How can you do more than one of these at a time? Are you telling the lender that you have all of these rental properties, and want to buy a primary residence? Wouldn’t those negatively affect your ability to purchase that next property? In the conventional mortgage market, I think it would.
Just my .02