What are the penaliteis for Wells Fargo Reo Owner Occupancy

[Leticia Concepcion]

I want to buy an Reo but it is owner occupancy. Its a great deal in a good area and I know I can maybe do a land trust, but if the bank does not accept the land trust what are my options? If I buy in my name then deed it to the trust it should work. But if they find out that I sold my interest in the property what would be the penalties does anyone have info on that?Will I be blacklisted. Any help would be much appreciated. BTW I am a Realtor and dont want to lose my license either.