All Forum Posts by: Lenin Belangonda

@Patrick Liska - Thanks.  Yes this is my first investment property. If the worst thing that can happen is selling the house to pay off the loan, that would be ok. I was scared about heavy penalty and possibility of Jail time.

Thanks @Brandon L. and @Jon Holdman 

The loan is regular conventional loan.  I will go thro the documents and see what the requirement as min period that i am supposed to live there.  If its 12 months then  6 more months to go before i can feel safe :)

Thank you both, i was so worried but now feel lot better.

Hi

I recently purchased second home with the intention of moving in.  I got the loan for primary residence with 5% down.  But only lived there for a month and had to move back to my older house and rented the new one.  I knew i shouldnt be doing it but largely ignorant of legal repercussions of my decision at that time. My loan was sold to different lender.  My original lender (mortgage company that i originally got the loan from) approached me for refinance and i said yes.  During the course i mentioned its not my primary residence that's when i was told what i am doing is mortgage fraud and could be jailed.  So my refinance process was stopped.

Meanwhile my home insurance company cancelled my insurance siting reason that i moved the home to LLC. They sent the cancellation notice to my original lender so i am guessing my current lender doesnt know about it yet. I am getting new insurance in my name and not in LLC name.

But i am really worried what would happen if my current lender finds out i am not living there.  Since i have tenant there with six more months of lease left i will have to break the lease and get there.  Iam not sure about the financial implications but i know for sure i will be putting a very good tenant in very difficult situation. Other option is to refinance it as investment property.  But i dont have sufficient funds for that.

If my concern is really valid and there is real danger of legal action i will have to break the lease and move in there.  But like to get advice from experts before making such decision. Appreciate help.

Thanks

Hi

I have an applicant who has bankruptcy filing (havent checked what stage it is in yet) and an income to rent ratio of 2.4. He has 4 kids and a wife to care for. Though he has a stedy job for the last 6 years and a clean rental payment for the last 5 yrs, I feel its too risky to rent to this applicant. Can i reject his application just based on the income criteria? If i can, is it enough for me to just email him the denial letter or it should be mailed?

Thanks

I am able to find some free online resources to get the forms. I am also planning to use mysmartmove for tenant screening. Is the tenant screening offered by AOA better? and are there other benefits of joining AOA?

Thanks

Thank you all

Hi

Can some one help me with where i can download rental application form and other forms like rental verification, employment verification and lease forms.

Appreciate the help, thanks

Work is being done today and agent is insisting it has to be inspected and cleared today itself as escrow supposed to be clsoed tomorrow. Any delay seller will demand per diem. I thought i am supposed to be given adequate time to inspect. Can some one help me with what the law says about any minimum notice for inspection of the property before close of escrow?

@Andy Luick - yes the electricity is on. Seller is still living in the house.

@Account Closed - thank you!

Your suggestion is very good but my difficulty is getting seller agree to that kind of inspection. They are getting things fixed from the termite company they hired and this company is definitely not doing good job. This time atleast they agreed to follow the recommendations of the termite inspector i hired. But i dont have the option to inspect while the work is done to make sure all the exposed areas are checked and treated. I can only inspect when the work is completed. Perhaps this is why people walk out of the deal when termites are found. Now that i released all contingencies, my options are seem to be limited.