Hey expert investors.I have a primary resident in California and a investment property in New York.

This is one of the primary areas a good, experienced mentor can help increase their base of knowledge and give them the motivation and the direction they need to reach their goals and fulfill their investing dreams.First of all, mentors aren’t all created the same.

For the record, the umbrella covers five homes: three rentals (with a net value of just under 100K), our primary home, and our cottage.

However, these were primary residences, not investment properties.

Looking over FL 501.1377 it sure seems to me that by saying noone except primary mortgagee, can bring default current and continue making payments that this throws sub 2 out.

My primary is a condo, so I know some of the pitfalls.

I really appreciate the short sale info.... my primary is through countrywide and my second is through wells fargo. so far (and we're only three weeks into this) wells fargo has already gotten back to my agent and said they won't accept if they cannot get countrywide to offer them some money. my agent is doutful that countrywide will want to offer wells fargo anything. so i'm fearing being stuck.

My primary residence is not paid for.

Iam going through an arduous process with WAMU myself.My case:I have a Condo (primary residence)1st and 2nd mortgage with WAMUtotal owed: $680KI knew I would get into trouble because my business went flat a 5 months ago and my cash reserves are being extinguished.I downloaded the information from WAMU site and submitted a complete package with an offer from a neighbor that is interested in buying the property if price is OK.I submitted ALL documentation to WAMU with the offer, proof of funds (50% downpayment) and prequalification for buyer through Wells Fargo.Offer $375,000 - prices for 2003 as per tax records.Nothing has been sold recently (18 months frozen market).WAMU sent an appraiser on Sept 02 and by Sept 04 the appraiser confirmed that the report had been submitted to WAMU through the third party company that manages Appraisals requests (REM).I have the name, extension number and e-mail of my negotiator but it has been IMPOSSIBLE to talk with her or to get anything from her.Her last (only) e-mail on the 23rd said that she didn't have the apparisal report (I tried to get to her to try to resolve it, but nothing back).Now she is in vacations until the 14th.I had been on time for my payments until August.I haven't made my payments for September - cash reserve extinguished.When will this default start affecting my credit score?

If you finance the new house as your primary residence (meaning a smaller down payment and better rate) - but decide not to use it as your primary residence - what are the consequences and how do lenders confirm that it is not your primary residence?