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What happens if you rent out your home during the 1 year after a refi?

I have seen refis that mandate that you not rent out the property in the one year after refi, ing as a Primary home. What happens if you do? What is the likelyhood anyone would know?

Update:

I'm talking about what happens if nine months down the road you rent it out, still a problem?

4 Answers

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  • 9 years ago
    Favorite Answer

    Absolutely nothing.

    A refi while you are still living in the property is a totally different matter than if you purchased a new house and claimed it to be owner occupied but immediately rented it out.

  • 9 years ago

    Know that mortgage fraud can land you years in jail, fines and a criminal record.

    Who would the bills go to? Property tax bill, home insurance.

    Eventually a person would slip up and give their real address.

    Pay home insurance on a credit card bill, and the insurance company will quickly notice that the billing address is not the home address.

    Any company that suspects fraud, must report. Or can be held liable.

    What if the renters call 911? 911 services keeps your address on their records with your name. They would report the people living there.

    911 is where I had to go to have an error fixed in my address.

    They are the source Fedex uses, and all my insurances.

    Everything had the wrong mispelling and it was because 911 was reporting it wrong.

    My home insurance was coming by the address of the 911 service.

    This is the honest truth. 911 made a simple error two years ago and all my bills changed.

  • 4 years ago

    only tell them that she is paying you to artwork for her, which you're an worker. If she provides a paycheck then you definately are an worker and that cuts out all that criminal workplace work. you will could fill out a 1099 tax type on the tip of the twelve months and pay taxes on the earnings that she will pay you. it quite is the answer on your subject as much as now as criminal. yet verify you're taking a wreck for your self. i'm a caregiver and you're able to discover time for your self so as which you would be able to look after her. hire somebody partime only one or 2 days in step with week or get volunteers from a community church to come back in and supply you a wreck. additionally there could be elder care centers accessible which contain food on wheels and help communities. i'm hoping this helps you. Kay

  • 9 years ago

    They can foreclose. Sometimes they know, sometimes they don't.

    It's also fraud, which is a jailable offense.

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