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

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. 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 establishes an attorney-client relationship. Because every case is factually dependent, it is not possible to accurately answer each question posed. If you have sincere legal concerns, it is highly recommended that you seek legal counsel in your area. Any response is not intended to create, nor does it create, a continuing duty to respond.

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