Investment Property Vacation Home
I applied for a loan to buy a condo in New Jersey. Suddenly my broker emails me and asks my martial?
state and if will be my second home. I should be separated in two months and im going to marry my partner whos land half the price of the condo. my lawyer said rs we go to market if one of us dies the other it is. Now, what should I say this is our second home or primary residence. the truth will be our property investment holiday homes /. I want to respond to far gives us the lowest insurance and interest. Another thought that we want to stay in our rental place stabilized in the cause of his closest NYC and cheaper to get to our work. Help here in New York.
It is a common request of the underwriters and the fact that you are married has shown on your credit report. Under the laws of your state, if you are legally married when you're close to the condo, without separation agreement, you can not legally able to close on the house without your legal spouse to be there to sign the waiver docs and their names back to the track. I'm Carolina North, and is what we do here and if NJ is a community property state, you have to do the same thing there. If it is a state community property, while the lender will not allow you to reduce your spouse have the operation … it would have to come forward and abandon its interest in the property. Your state may also have a waiting period when you can remarry … most states have. You get your divorce, but it is not "final" until a certain period of time has passed … and you can not remarry during this period, or you will Guity of bigamy. Also, you need to know if the lender believes that you occupy the property, and you are really using it for a building placement, which is called fraud occupation, and it is a crime. Banks are leading this common scam right now and there are tons of controls made and entire departments devoted to audit files for this …. It also makes insurance worthless landlord has the same, total loss b / c no insurance company in the United States will discuss anything, but a policy of fire on an investment property … comprehensive coverage is not available on real estate investment. You are getting ready to embark on serious, serious disturbances
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