Comments on: Family Opportunity Mortgage program http://www.lendingclarity.com/2007/07/20/family-opportunity-mortgage-program/ Home loans made easy Fri, 21 Nov 2008 15:55:35 +0000 http://wordpress.org/?v=2.3 By: Marc Brinitzer http://www.lendingclarity.com/2007/07/20/family-opportunity-mortgage-program/#comment-12571 Marc Brinitzer Sun, 12 Aug 2007 15:34:09 +0000 http://www.lendingclarity.com/2007/07/20/family-opportunity-mortgage-program/#comment-12571 James, The big deal is that you are committing "occupancy fraud" when you do it this way. That is one of the forms of mortgage fraud, and it exposes you, your clients, and your broker to potential liability. Increasingly, lenders are sending someone out to the home after the loan closes to see who's actually living in it. It better be the person you indicated on the loan application, or that loan may be called due. Why not just do it right in the first place? James,

The big deal is that you are committing “occupancy fraud” when you do it this way. That is one of the forms of mortgage fraud, and it exposes you, your clients, and your broker to potential liability.

Increasingly, lenders are sending someone out to the home after the loan closes to see who’s actually living in it. It better be the person you indicated on the loan application, or that loan may be called due.

Why not just do it right in the first place?

]]> By: James http://www.lendingclarity.com/2007/07/20/family-opportunity-mortgage-program/#comment-12570 James Sun, 12 Aug 2007 15:18:20 +0000 http://www.lendingclarity.com/2007/07/20/family-opportunity-mortgage-program/#comment-12570 Are you kidding? I've been doing these kinds of deals for my clients for years. You just call it a 2nd home, have the parents buy it, and move the kids in. What the big deal? Are you kidding? I’ve been doing these kinds of deals for my clients for years. You just call it a 2nd home, have the parents buy it, and move the kids in. What the big deal?

]]>