Posted by Jim (MD) on April 04, 2003 at 01:29:37:
Whether you take out a mortgage or pay cash for the property, it is still fraud if you purchase during the owner-occupied period and do not live there.
Buying HUD Houses - Posted by Demetrius
Posted by Demetrius on April 02, 2003 at 21:59:43:
Is there a way for an investor to buy HUD forecolsures during the phase where it is offered to owner occupants ?. They are initially offered to owner occupants then invesors. How can I make an accepted offer during the owner occupant time period even if I am going to retail it to my end buyer. Thanks Demetrius
only if you want to be a criminal - Posted by David Krulac
Posted by David Krulac on April 03, 2003 at 13:45:39:
and be subject to a Federal crime punishable by a $250,000 fine and five years in jail, knock yourself out.
David Krulac
Central Pennsylvania
Re: Buying HUD Houses - Posted by Rob FL
Posted by Rob FL on April 03, 2003 at 08:12:47:
Buy it, move into it for 12 months, then sell it to an end user. Anything else is breaking the law.
Re: Buying HUD Houses - Posted by John OH
Posted by John OH on April 03, 2003 at 07:23:55:
If you are from OHio do not read this!
Yes, you can make a bid during that time, They will not consider it, but if no owner occupant bids are accepted, you will be the first in line when the investor date arrives, an in most cases beating your competition.
Good luck if all 49 other states
John OH
They call it Bank fraud - Posted by investorrob
Posted by investorrob on April 02, 2003 at 23:20:18:
I can understand you wanting to be creative in your investing. If you apply as an owner on the mortgage.
And you do not live in the property per the terms of the mortgage. [spelled out length of time] It is Bank fraud. Which can get one jail time.
Now if you pay cash thats another chapter
investorrob