Sun, Nov 22, 2009
|
Lie on Your 1003 Loan Application About Your Primary Residence = JAIL TIME!
| | Monday, July 28, 2003 @ 08:56 AM EDT
|  Printer Friendly Page
 Send this Story to a Friend |
Contributed by: Derrick Ali
Derrick Ali Properties
Read more archived articles about Law and Legal Issues
TBud Wrote:
Derrick,
I think it was you who told me months ago that you should never put an investment property in your name as your primary residence, if you make your home at a different address - as this could be a serious offense.
Do you know if this is true, if so, what type of penalty is it?
I have been coming across a lot of investors that are doing this: They buy a property (fixer-upper), call it their primary residence, get a cheap interest-rate because of it, fix it
up and sell it. I believe this is a NO-NO, correct?
Thanks!
Tim
And I Replied -
TIM:
U R K-REKT!!
It is called LOAN FRAUD and you could get pinged by the FEDs if you Knowlingly engage in this behavior ... EVEN IF the financial institution has not been harmed or experienced a loss.
It could catch up to you at ANY TIME b/c FRAUD has NO STATUTE of LIMITATIONS...read get Fat Enough and the FEDS will Swoop down on YOU for the Slaughter and Divide the Spoils with your Head on a Stake as the Example for this type of Foolishment!
Beware and steer clear of these slick willy types of RE Investor. You can make plenty of dough out here TIM without being Greedy!
Remember it's the PIGS that get Slaughtered!!!
I hope this helps!
Derrick Ali
Note: Derrick Ali is Director and Chairman of Consumer Mortgage Loan Advocates. He is the author of The Quick Start Real Estate Investing Guide. Derrick specializes in Land Trust Transaction Engineering for Equity Holding Trusts(tm) and/or PACTrusts (tm)
methods. You can also hire him to consult you on the set up of these Land Trusts for you.
Word Cloud:
/>
thanks! slaughter stake fraud residence, />
beware (fixer-upper), what being />
remember loan />
and offense. should it's />
derrick, types slick type experienced this: call with primary home tbud pigs swoop dough catch limitations...read true, steer been plenty application />
tim: this jail />
i k-rekt!! slaughtered!!! helps! 1003 even across think pinged serious time! divide penalty never correct? hope />
derrick address have clear institution about these coming because residence will />
it different behavior />
tim they no-no, knowlingly feds replied />
u make head without investor. financial property enough foolishment! cheap wrote: name interest-rate believe sell greedy! />
do willy spoils down harmed loss. told time could example statute here months called engage investment investors know doing
|
|
| |
Average Score: 2.94
Votes: 18
|
|
|
|
|
Logged In members can moderate all comments.
|
|
