Whats The Crime And Who Is Hurt?
hi everyone, Can anyone tell me what the penalty is for not living up to the agreement with hud for being an owner / occupant on a forclosed hud home. The purchaser bought the home, moved in and moved right back out and rented the apartments. A mailbox was put up to appear she lived there. i know many people including myself who were intersted in this as an investment but it was in the owner/occupant stage and none of us could quailfy as we own our own homes. if i knew hud has no penalty for not being an owner/occupant i would have bought it. so whats the deal. Does anyone know? thank you
did you buy during the owner or investor phase of budding?
thank you for responding and yes the house was purchased during the owner / occupant stage and she signed an agreement with hud to live here a number of years and did not, any answers to what the penalty would be for not keeping the agreement would be greatly appreciated. thanks again
thank all of you for taking the time to help me, you guys are awesome. i know that she never contacted hud concerning her desire not too fulfill her requirement with hud. That is why she put a mailbox on the home where she did not reside. To deceive people that she lived here.
thank you rewardrisk for you time and your knowledge, [ Edited by tmesa on Date 07/08/2005 ]
If this investor also applied for owner-occupant financing to purchase the HUD property, then the investor may have commited loan fraud.
You find out who originated the loan, then consider becoming a whistle-blower. If the loan was federally insured, the penalties can be severe if convicted.
thank you new kid for your response, i wish i could learn more about this as i am becoming involved with what is happening with the home. i have done conciderable work and have not been paid by the owner. any additional info would be greatly appreciated. thank you again
John,
Thank you for your repy but can you tell me what to do if I want to network with people in my area? Can you use forums to network by doing an advanced search for people in your area and then private message them?
charlottebuyer,
If you start soliciting members through private messages you are in violation of the rules. This would also be known as spamming members.
Again if you are looking for someone in the creative real estate field then put up a web site or run ads in the local paper and advertise on your own dime.
There is a line drawn between networking and solicitating on a board where most of the member are paid subscribers, thus far you cannot private message because you are not a paying member.
If you post from a knowledgeable standpoint and gain trust then members might contact you, but coming on a board and in your first few posts soliciting members without anyone knowing what you are capable of does not make sense.
John $Cash$ Locke
[addsig]
Then that is what I will do. I will find questions from new folks and answer them the best I can. Then I will be contributing and become a valid member.
Thanks,
Galen
Keep in mind that we have the forum rules set because of experience in the past. We want to show that there are people who talk about investing and those that really invest.
We will be on the new property "system" soon which will enable the TCI audience to see the rockers from the posers. Not to get into a long explaination, but the people who are using the property system that we have in place will be the ones who are selling/buying properties.
In the most active area, we will be showing users that use the TCI property listings area as the main way of soliciting their properties.
Stay tuned, we are putting the final touches on this new system and should be out before the end of September, if not August. But once it comes out, it will knock your socks off!![ Edited by joel on Date 08/20/2005 ]
Great! Thanks Joel. I look forward to participating in the existing system as well as the new system addition.
Galen Massey
As you will notice now, in the members area, you will see the users that are listing properties within our system are showing up as the most active.
You then can click on the member and see thier listings underneath their profile.