I applyed for a loan to buy a nj condo. All of a sudden my broker emails me and asks me about my martial ?

Question

status and if this going to be my 2nd home. one i should be divorced in 2 months and im going to marry my partner whos putting down half of the condo's price. my rs lawyer said we would put in contract if one of us dies the other gets it. Now what should i say this is our second home or primary home. the truth its going to be our investment property/vacation home. I want to answer in away it will gives us the lowest insurance and interest. Another thought we want to stay in our rent stablized place in nyc cause its closer and cheaper to get to our jobs. help here in nyc.

Answer 1

This is a common request of underwriters and the fact that you are married has showed up on your credit report.



Depending on the laws in your state, if you are legally married at the time you are closing on the condo, without a separation agreement, you MAY NOT BE ABLE TO LEGALLY close on the home without your legal spouse being there to sign the docs and quit claim their name back off the title.



I am in NC, and that is what we do here and if NJ is a community property state, you'll have to do the same there.



If it's a community property state, then the lender won't permit you to cut your spouse out of the deal...she would have to show up and waive her interest in the property.



Your state also may have a waiting period of when you can remarry...most states have this. You get your divorce, but it's not "final" until a certain period of time has passed...and you cannot get remarried during that time or else you will be guity of bigamy.



Also, you need to know if the lender thinks you are occupying the property, and you are really using it for an investment property, that is called OCCUPANCY fraud, and that is a FELONY.



Banks are ON TOP of this common scam right now and there are tons of checks being done and entire departments dedicated to auditing files for this....it also renders your homeowner's insurance worthless in the even of a total loss b/c no insurance company in the USA will issue anything but a fire policy on an investment property...full coverage, is not available on investment property.



You are getting ready to get yourself into serious, serious trouble

Answer 2

Um, you are about to committ credit Fraud from the sound of your post, be very careful, as you could go to jail for it. If you are truly going to buy this for investment pourposes, call it an investment home. If YOU are going to occupy it on a regular basis, but not live in it, then it is a second home.



There are plenty of people that have gone to jail for this kind of thing, so a word of caution, do not call it a second home if it is an investment property, and furthermore, if the bank figures it out, they can call the mortgage on you, and you would have 30 days or less to refinance the house, or lose it, in additional to major legal issues.

Answer 3

Investment property by its very definition is not your primary home. If you insure the property as if it is an owner-occupied dwelling and then turn around and use it for rental income, you may find yourself in a situation where any claims you turn in will be denied AND you'll lose your insurance.



You'll also run into tax difficulties if you try to use the mortgage interest deduction - which is intended for primary homes - and then also try to take investment-related deductions on the property.



Your best bet, though, is to find a tax attorney to walk you through the purchase and figure out the best way to handle this for income tax purposes. You can't use the same property as your primary home AND as rental property/investment property, but you can structure the purchase to maximize your tax advantages. You'll need a tax professional to figure out how to keep you out of hot water with the IRS.

Answer 4

Buying a place with one guy while you are still married to another guy could cause extreme complications. Wait until the divorce is final.



Plus, if you lie on the application it can be considered criminal fraud. The only way to cover your tracks is to have all your mail sent to the condo and have your phone number listed there and get your name off the NYC apartment.

Answer 5

Answer truthfully if its going to be your 2nd home. Avoids issues in the future. In our area you would want to wait until your divorced is finalized before purchasing another home. Otherwise your soon to be ex has rights to that property unless you have your soon to be ex sign their rights away on it (which can be tough depending on the situation). You will also want to put your new partner on the loan as well as the purchase contract and take the deed as Joint Tenants. That should take care of it for you.

Answer 6

If you are thinking about getting a loan, then you should know about the basics before you get started. If you understand the basic dos and don’ts of loans, then you will be better equipped to find the best loan for your needs. Whatever type of loan you are applying for, you should follow these basic rules to help you find the best deal when searching for a loan, it pays to do your research. Look for as many suitable lenders as you can, so that you can find the very best deal. There are many online pages that allow you to compare loan rates from a variety of lenders. As well as looking online, check out your high street banks and mortgage lenders for deals too. You may find the loan that you need here,



http://badcreditloans.awardspace.com/



If possible, try and avoid taking out secured loans. If the amount you need to borrow is small or you have good enough credit to borrow without collateral, then do so. Although unsecured loans have higher rates, they are less risky because your home will not be at risk if you cannot make the payments.Try and take a loan out over the shortest period you can afford. Taking loans out over 10 years or more can be risky, and you cannot be sure what your financial situation will be at that time.

Answer 7

Lets just be down right honest here. Fannie and Freddie caused the housing bubble, you have the Dem's to thank for this debacle lock stock and barrel. Shake hands with the money changes in the halls of our congress. They ALL need to go, new blood from the ground up. Every last congress person and every damn Senator. They believe they are the royalty over you me and and us. Now is the time to set them straight and get them all out of town.

Answer 8

You seem very confused. Is your broker(?) asking for your marital status? Or is the broker asking for your martial status? You need help from a lawyer not only about property but also about the language.