First Duplex
I will close on my first duplex at the end of this month and I had some concerns... The first is that I have gotten and owner occupied loan but do not plan to live in the duplex.. and I am wondering if i set up a po box to have the mortgage payments sent to , will the lender get suspicious? I dont want the mortgage bill going to the house that is currently rented, and suggestions????
Also when determining if a payment is late or not,,, do you go by the pst mrked date on the envelope ? thanks in advance
Lots of people use P.O. Boxes for business mail, some because the travel extensively. Set up the P.O. Box and then also check to see if the Bank or Mortgage Lender your dealing with gives you the option of receiving an electronic monthly statement. Many of them do now and you can choose not to receive the paper copy by mail. Many of them offer the option to make your payment online therefore the only address they need for mailing is your e-mail address.
I hate to be the bearer of bad news, but you are commiting fraud. If you got an owner occupied loan and never had any intention of living there, that is fraud.
You are now trying to cover up that fraud by using a PO box, this would be considered INTENT to Defraud.
At the very least the lender can call the loan payable, and, you may face jail time if caught.
I am not an attorney, but this seems pretty clear to me.
[addsig]
Thanks for the concern,, but I actually dont own a home yet and the other side of the duplex is where I plan to live...for a very short time though, and then i will move out and rent it out.... theres no fraud if i change my mind in a month or so and find a tenant is there.....? thanks for your thoughts
Hmm, In your initial post you state "first is that I have gotten and owner occupied loan but do not plan to live in the duplex."
That seems pretty straightforward to me. If you live in it, then it is owner occupied.
things have changed and i have found another place to live since finding this property and getting an owner occ loan.... with this happening my question is will the lender throw a red flag if i move in there and decide after a month that i want to live elsewhere?