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.

[J Scott]

If you buy it under the guise of being an OO, but don't actually plan to occupy it as an OO for at least a year, you're committing fraud. I don't know what the penalty is, but if you plan to do this with fraudulent intent, I hope you find out.

Don't buy as an OO unless you plan to occupy for at least a year.