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Real Estate
Reply to "Removing a second home rider from mortgage - how does it works?"
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[quote=Anonymous]12:54 here: by all means consult a lawyer about this, but keep in mind there are a few things in play. Banks have difficult time foreclosing on homeowners who haven't fulfilled the most basic obligation under a loan - making payments. A technical default, if this is even that, is not something a bank would likely pursue even if they were aware of it. And if you did not falsify the application, this creates a discrepancy in the documents, something a bank would be very leery of pursuing (because if they lose, damages can be enormous.) If you did proceed with renting, I personally don't think that's an egregious thing. Many investors "live" in a home for a month as their primary residence in order to obtain favorable financing...is it gaming the system? Sure. But that's the way the world works, for better or worse.[/quote]
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