All Forum Posts by: Mark Fein

When you obtain the mortgage, you may not appear to the lender to be overlevergaed. Your personal finances could change causing you to be overleveraged, such as a loss of income. The market could shift and rents drop, causing you to be overleveraged. Home values could drop and you become upside on the home and cannot sell, casing you to be overleveraged.

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Tampa, Florida

Yes, my comment is general about many other posts I have seen. It has nothing to do with this thread in particular.

1 Vote

Quote from @Account Closed:

Quote from @Brooke Villanyi:

Hi all, was hoping to get some clarification because i can't seem to find info anywhere about my specific issue. I have a mortgage that requires one of my units to be my primary residence. I work far across town, and honestly just like the neighborhood of my old apartment better. So I've kept my old apartment as part office / crash space and stay there the majority of the time still. I might rent out the extra room in my primary residence, and keep my room with some of my stuff for when i come and go. is there any reason i should be worried about mortgage fraud?

This is for the people who read this but never comment, so I'm not picking on you. You were smart to ask the question. It is those who assume they know but are wrong that may end up in trouble.

Under current federal and state laws, a mortgage fraud conviction can result in up to 30 years in federal prison and up to $1 million in fines. In a mortage there is also wire fraud and fraudulent schemes with other punishments.

Basically there are two types of mortgage loan fraud - fraud for property and fraud for profit. The fraud generally involves material misrepresentation or omission of information with the intent to deceive or mislead a lender into extending credit that would likely not be offered if the true facts were known.

An owner occupied loan has a lower interest rate because it's deemed safer to lend on. A non owner occupied is riskier and has a higher interest rate. In really bad times like 2008, people are less likely to honor the debt on a non owner occupied loan. Therein is the reason for the very stiff penalties for lying on a mortgage application. The lender and investors deserve to know how much of a risk they are taking when they lend to you. It's their money at risk and I'm sure you'd want the same knowledge of risk if it was your money you lent out.

I am also astonished by the numbers of "Pros" on these forums that openly encourage and advise mortgage fraud. Thank you for posting this.

2 Votes

The county court of clerks website will tell you if they have a recorded mortgage. It will say how much of a mortgage they obtained but not the current balance. You can play around with an amorization table and make an educated guess based on the info found on public record.

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Tampa, Florida

TD bank and BMO have branches all over Florida and offer mortgages for Canadians purchasing in the US.

1 Vote

Hi David, when you say, "this would be tough to sell" what do you mean by that?

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San Luis Obispo, California

Your father may qualify for a reverse mortgage, which does not have the same DTI requirements as a conventional mortgage. He could potenially accomplish all of the things you are hoping to accomplish without having to transfer the property to you and cause a taxable event. DM me if you would like to contact me directly.

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Fort Lauderdale, Florida

Quote from @Joel Case:

My wife and I are approved for a VA loan to owner occupy a property up to $500k but I am losing out to all cash offers. Work history is over 3 years on my job, 10 on hers for the same doctor, my credit score is a 720 due to ~$7200 no interest credit card debt. Before that debt it was 793. We currently have a home we paid $125k for 5 years ago and have $60k left on our principal with our 30 year mortgage. We have $11k saved in the bank to cover our closing costs, but that is slowly growing every month since we shifted from paying down our current home to saving for the next.

Do you believe it would be possible to get a all cash hard money loan for $300-400k so that I could make an all cash offer or would the LTV require me to bring more for a downpayment?

Try looking for homes off market. There are people out there who who gladly sell to a vet.

1 Vote

Quote from @Christopher Capron:

If everyone on this post is available, let's set up the first meet up. What do you think about something casual at a local place? Thursday, July 28th at Industry Beer & BBQ in Bayfront, at 6pm.

Please send me a text with your name as an RSVP.

See you there.

Chris (305)299-1866

Thanks Chris, I plan to attend. You should post this event to the Cape Coral forum page. It's the closest one to Naples.

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Quote from @Mirella Pervenecki:

Hi I am Mirella and I am finally taking the leap into the real estate journey. I am looking at starting out in wholesale until I can get some money for a downpayment to start STR or BRRR. Any one have any advice or recommendations it would be greatly appreciated.

Hi Mirella, Do you own your primary residence? House hacking a ingle family or multi-family is one of the easiest ways to start with smaller down payments loans available.

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Tampa, Florida

All Forum Posts by: Mark Fein

Mark Fein has started 2 posts and replied 81 times.

Post: Overleveraging yourself in Real Estate

Post: Mortgage Occupancy Fraud for not being home?

Post: Mortgage Occupancy Fraud for not being home?

Post: How do I find out if a property has a mortgage on it?

Post: Canadians Looking for Mortgage for Florida Home

Post: Va new construction loan for quadplex build

Post: How to buy property from father

Post: VA with no money down getting beat by all cash offers

Post: Looking to start a meetup for investors in Naples, FL

Post: Real estate newbie just starting out