I'm about to buy a property from ROE / Bank owned and it said it is for owner occupied .

Asked over 1 year ago - Grambling, LA

I'm about to buy a property from ROE / Bank owned and it said it is for owner occupied . I am working in different state and I will be occupy my house from time to time . I'm not sure if that can be considered as owner occupied or not .

Attorney answers (1)

  1. Tiffany Dianne Garland

    Contributor Level 11

    1

    Lawyer agrees

    Answered . In order to qualify for an owner occupied mortgage for a REO property, the home MUST be your primary residence. Although this does not prevent you from working in another state, it is advisable that you be extremely cautious. If this home will not be your actual primary residence, you should disclose that. Many lenders are beginning to pursue legal remedies against buyers who are lying about whether the home will be their primary residence. I highly suggest you consult a Title Attorney regarding this issue.

    Information provided in this response is intended to be informational or educational only. It in no way... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

28,365 answers this week

3,115 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

28,365 answers this week

3,115 attorneys answering