More people are getting stuck with mortgages in homes they do not live in as investors.
1
Protect your reputation and your credit.
In recent years more people have been persuaded to use their good credit to save the home of another from foreclosure. This person is designated as an investor and obtains a mortgage to buy the home, under the pretense that this property will be his or her primary residence. If it is not the investor's primary residence and it is represented on the mortgage application that it is, this constitutes mortgage fraud and the investor could be indicted by the county's prosecutor.
2
If a written document makes false statements, don't sign.
By signing a mortgage application which contains language that the applicant's primary place of residence will be the property in question , the person signing commits a crime, if this is not true. If the mortgage application is not for property that you are seeking to personally own, don't sign it.
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