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[quote=Anonymous][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]

This is very foolish advice.  I would never follow this.  It's basically saying, go ahead an knowingly violate a document that you signed in the hopes that a bank will not find it at some point and might not foreclose on your house and if they do, they might not follow through.  Banks are institutions and if something gets called to their attention for any reason, the gears go to work and the foreclosure happens.  It may take time and you may have a reprieve of a few years, but the machinery doesn't care and will process your home.  I've seen homes that started foreclosure and they were not in arrears and they were not able to stop the foreclosure process and the family ended up losing a lot of money and out of a house, when they could afford to stay there.  Don't follow this advice and become another statistic.[/quote]

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