Is This Even Legal!!

Comments(11)

• 
  SmileyFace15th December, 2003

  It is very illegal. You could go to jail by doing so.

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  Birddog116th December, 2003

  Definatly not somthing you want to do. Just wait for deals to come by, there are plenty of them. One is not worthin doing time for.
  [addsig]

• 
  WheelerDealer16th December, 2003

  is there anything wrong with being an owner occupant? live in it for the time to make it legal
  [addsig]

• 
  Bruce16th December, 2003

  Hey,
  
  I don't know anything about Owner Occupied loans that really are for investment purposes, but I figure that as long as you are not caught, who cares??
  
  But I got my own problems right now. You see I shot and killed this guy who was dropping off a Pre-Foreclosure brochure at my door. His body is decomposing in the backyard right now.
  
  But I figure as long as I bury him really, really deep and no one finds the body, then I didn't commit murder and everything is okay.
  
  Right????

• 
  Birddog116th December, 2003

  It most cases, the minimum title season for HUDS and owner occupancy is a year.
  
  [addsig]

• 
  dataattack16th December, 2003

  [quote]
  On 2003-12-16 05:36, Bruce wrote:
  Hey,
  But I got my own problems right now. You see I shot and killed this guy who was dropping off a Pre-Foreclosure brochure at my door. His body is decomposing in the backyard right now.
  
  1) should pay mortgage first, before crack or beer.
  
  2) for the right price what can you do to the guy who keeps throwing my bandit signs in the woods?
  
  
  dataattack

• 
  cjfeath16th December, 2003

  There are other financing ways to go then that man. As said above that is mortgage fraud. Not only would you go to jail but possiblly the broker or banker you used too.
  
  Research all avenues. in investing a mortgage is not always the best way to go. (hard for me to say since i am a banker....hehe)

• 
  johnnyboy16th December, 2003

  I pretty much figured that to be the case..
  
  All points well taken, especially the one about having to be an "owner occupant " behind bars

• 
  kenmax23rd December, 2003

  as long as you follow hud's rules it is not illegal. that's is why they have rules. ggod luck. kenmax

• 
  Lufos23rd December, 2003

  Gentlemen and you too Ladies,
  
  I suggest you play by the rules. I mean load the dice, but play by the rules. There are other means of financing. All this good stuff we are passing out is designed to give you a quiver of arrows suitable for all kinds of occasion.
  
  If Hud will not play then go elsewhere. If FHA are having a religious experience in view of the recent hurried departure of their major officers, well understand, just take your business somewhere else. There are all kinds of sources private mortgage companies. Syndicates of mortgage lenders. Strange little banks, even stranger Thrift companies etc. etc.
  Use them.
  
  I just hung up the phone on a guy who wants a container house and he does not want to use all the financing we arranged, he has some sort of a deal where somebody puts up the entire purchase cost. He pays them an interest of 8% no points no process fees nothing. He then sells the property and they split the profit. no no not 50/50, His deal is 25% to the investor and the 75% is his.
  
  I think it is a winner. The investor gets a steady 8% from date of deposit of funds to day he gets paid off plus 25% of the profit.
  
  This is a trial run just one house. Then he wants to really roll them. I have given him my blessing. also a rosary, set of prayer beads and a bone amulet from some guy with big fuzzy hair and a hate for the British.
  
  Fellow TCI's, You are the persons in control. Nothing happens until you enter onto the scene. You negotiate and in that moment you control everything. You make a winner of a deal or alas just a break even. That break even may lead you to an even better transaction next time around.
  
  Real Estate Brokers, Mortgage Brokers, Appraisers, Escrow Officers. REO/Loss Mitigators aka Walter Mittys, REGurus.
  
  They are your surrounds. You use them. By virtue of what you do you are all One Star Generals. The rest of them are surrounds, troops to be utilized to accomplish your (underlined) Lawfull Occasions. Sooo keep it lawfull.
  
  Compre???? Lucius

• 
  kenmax23rd December, 2003

  i agree thats why i said follow the rules of hud. there are to many good deals to try and bend the rules. ggod luck. kenmax