Can you buy a house and then rent it out?

[Anonymous]

How did they know the type of mortgage

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I had a condo for numerous years that I refinanced and then six months later moved and now rent it out.

Did I commit mortgage fraud by moving so soon after re-financing? I refinanced with the same mortgage company I had for years already. If so, what could the consequences be?

Yes, you did. They could call the note. As in, demand payment for it in full. I guess they could also make a criminal complaint for lying on mortgage documents.

They could. But they won't.

PP here - thanks for responding. I feel awful about this, I didn't know I was being fraudelant.

My real estate agent and lender for the new mortgage said as long as the refinancing was complete before we put a contract in for our new house everything was fine. However, it sounds like that is not true and we should have waited 12 months.

Waiting a few more months would have not been a problem. The old mortgage bill has been coming to our new addresss for over a year now... I hope you are right and our mortgage company won't do anything, but I still feel awful about this now.

Sorry to post jack.

[Anonymous]

Anonymous wrote:I'm currently renting a pretty nice and relatively newer house but have the cash to buy a smaller and older house (also need to borrow some to do it). I want to continue to live in the current rental while renting our the newly purchased house for cash flow.
The question is, if I borrowed the loan at the primary residential rate, would the lender figure out later when I rent the house out?

they have ways of finding out....like the poster who said she called her neighbor's mortgage company - what a total loser!

anyhow, why don't you move to the other home as soon as you purchase so that you're not lying about your intent to live in it? Developers do it all the time. moving in and out of homes they've just built just to avoid being considered fraudulent.

[Anonymous]

7:40 & 8:39 - THIS.

Be careful who you p*ss off. Your friends may be next in line!

[Anonymous]

Anonymous wrote:My neighbor tried that and we called the mortgage company on her. She sold.

You know, I call bullshit on this story. First of all, how did this PP know which mortgage company to call? And what kind of mortgage her neighbor had in the first place to report it as fraudulent? And, if you've ever tried to contact a mortgage company about your own mortgage, it takes forever, you need an account number, and it is impossible to actually give or get any information from anyone there.

And, way to threadjack.

OP, just be honest and tell your lender that it's an investment property.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I had a condo for numerous years that I refinanced and then six months later moved and now rent it out.

Did I commit mortgage fraud by moving so soon after re-financing? I refinanced with the same mortgage company I had for years already. If so, what could the consequences be?

Yes, you did. They could call the note. As in, demand payment for it in full. I guess they could also make a criminal complaint for lying on mortgage documents.

They could. But they won't.

PP here - thanks for responding. I feel awful about this, I didn't know I was being fraudelant.

My real estate agent and lender for the new mortgage said as long as the refinancing was complete before we put a contract in for our new house everything was fine. However, it sounds like that is not true and we should have waited 12 months.

Waiting a few more months would have not been a problem. The old mortgage bill has been coming to our new addresss for over a year now... I hope you are right and our mortgage company won't do anything, but I still feel awful about this now.

Sorry to post jack.

Well, if your lender itself said it was OK, I'm pretty sure you don't have to worry about it! It's not fraud if they knew about it! Maybe you lived in a jurisdiction with different rules than the ones the RE attorney PP posted about, in any event.

[Anonymous]

Not the pp who called the mortgage company, but if you really wanted to find out who someone's mortgage company is through, you can always go through the county records which has all mortgages on file. My mom would always go through the 'mortgage book' when she went to renew park passes in my hometown and see when people refinanced, etc. She said she was protecting her home's investment but we all knew she was just nosy

[Anonymous]

Anonymous wrote:

Anonymous wrote:My neighbor tried that and we called the mortgage company on her. She sold.

You know, I call bullshit on this story. First of all, how did this PP know which mortgage company to call? And what kind of mortgage her neighbor had in the first place to report it as fraudulent? And, if you've ever tried to contact a mortgage company about your own mortgage, it takes forever, you need an account number, and it is impossible to actually give or get any information from anyone there.

And, way to threadjack.

OP, just be honest and tell your lender that it's an investment property.

Mortgage holders are public record, dummy.

[Anonymous]

Eh, people do this all the time. It doesn't rise to criminal fraud most of the time, and unless ou have previously been caught chances are no one will ever know. Even if a shitty neighbor calls no one at the trust who owns the loan really cares.