If it isn't sold, I may move into it and rent my residence, or I may rent the rental.

Do they charge more for one or the other, do they place a residence later in a queue?

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

Perhaps he/she inflated your income, called this property your primary residence, manipulated your credit report, etc., The theory behind this is that, had the loan officer not falsify the application, you would not be in the financial turmoil your in now.

Is this your residence or a rental?

My cashflow standards are also significantly reduced due to the fact that it could be my personal residence, so as long as we arent losing money monthly, Im happy.

If it was my personal residence or a "gotta have it" house I would definitely do just as you have done.

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?

I would prefer to owe less on my residence, not more.