CONSUMER " PROTECTED"  OUT OF HER HOME.SUBTITLE:  BE CAREFUL WHAT YOU WISH FOR, YOU MIGHT GET ITAn actual case history- A home owner rendered homeless as a consequence of  a mortgage regulation--  HOEPA  ( Home Owner's Equity Protection Act )The mother of  three school age children provided in home medical assistance for an elderly resident of a small Idaho mining town.  

Trust me, I'm an insurance person, and before I came to the retail side of selling Commercial Insurance, I was a Claims Specialist for a long time; so there are very few who are more careful or scary than I am!

Test is if you lived there for two of the last five years, and if you originally lived in it as your primary then you're given three years during which you can still claim it.

This could cause your lender to claim you have violated the due on sale clause of your mortgage.

If the previous owner failed to properly increase the legal rent every year, you do not get to show up and claim all of those lost years of increases - you start with the LAST legal rent (could be from 20 years ago) and you get to increase it 1-3% if you can convince the tenant to sign a new lease.

You will still have to go through probate and contact any other heirs, debtors etc to see who else might have a claim on the property, including the possibility of a newer will. 

I hope you are not offended by my "hobby" claim. 

There are many people that claim to help for pay, but is there a way to viably vet them?

If BP has taught me anything that transfers to the world outside of real estate, it is to hate the word "guru" and trust no one who claims to have any "secrets" to success in anything.

However, as a bonus for my partner who used his/her credit for the loan, I will pay 60% of the down payment ($400K x 60% = $240K) but only claim 50% of the shares (equity) of the LLC.