Seller tells me to get a good rate, all I have to do is tell the Mortgage co. that I will be an owner/occupier. I will not be an o/o. So what are my risks if I do this?
Check with your local laws, but fraud is just that fraud. Also if you check the contract it will state what will happen if you lie on the form.
If it is owner occupied you may get a better rate, and the chances you will be caught are slim, but is it worth sharing a cell with bubba for a couple of years and ruining your credit with a felony?
Obviously the deal isnt a good one if you have to be deceitful, I would go back to the seller and negotiate the price down to make it more attractive and legally doable.
Tell the seller to give YOU the attractive/good rate with seller financing with them in second position. Then you will find a first mortgage for the current mortgage.
Example: Sales price is $50K 1st mortgage (existing) is $35K. You go to the a lender for $35K and the balance is taken as a note @ 11% for 7 years. (our numbers may be off but you get the idea)
Check with your local laws, but fraud is just that fraud. Also if you check the contract it will state what will happen if you lie on the form.
If it is owner occupied you may get a better rate, and the chances you will be caught are slim, but is it worth sharing a cell with bubba for a couple of years and ruining your credit with a felony?
Obviously the deal isnt a good one if you have to be deceitful, I would go back to the seller and negotiate the price down to make it more attractive and legally doable.
Good Luck,
Kyle
Tell the seller to give YOU the attractive/good rate with seller financing with them in second position. Then you will find a first mortgage for the current mortgage.
Example: Sales price is $50K 1st mortgage (existing) is $35K. You go to the a lender for $35K and the balance is taken as a note @ 11% for 7 years. (our numbers may be off but you get the idea)
Eric & Rosa
[addsig]
Ferris:
this IS FRAUD!!!!
DON'T DO IT!!!
It is adeceptive practice FELONY to KNOWINGLY Mislead/Misrepresent (read: LIE TO) A Federally Insured Institution( Mortgage Lenders)!
5-7 Yrs free Rent with those crazy swinging Jazzy ORANGE PAJAMAS and a Cell mate Named Bubba calling you FAIRY instead of FERRIS!!!
Ask the Seller if he'd like to Get aTWO for ONE Cell-Condo with You for FREE?
Derrick