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Author: gol6090 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127544  
Subject: Re: question: down payment on my first home Date: 5/16/2013 12:18 PM
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Gingko100 wrote: Rather than figuring out how you can commit fraud & get away with it, you should just get a loan for an investor property. This is what thousands of others do.

Gingko100, you don't even know me and you are already trying to defame me. I tell you, these people are everywhere! You say that I am "trying to commit fraud and get away with it" when what I am trying to do is PROTECT myself by modifying a legal document BEFORE I sign it so that IN CASE that I am not able to live in the property that I am about to purchase I can legally rent it out. And I have reason to believe this might happen. This is NOT fraud. I am being completely honest with my situation: This is to be my first home, not a rental property but I need to have the ability to rent it out when I’m out of the city for extended periods of time.

I want to be clear: All I want is to have the OPTION of renting my own property at any time after purchasing it. That's it. And I only have ONE (once I purchase it), so I am not trying to disguise an investment as a residential purchase.

You know what's fraud Ginko100? That we bailed out the banks with our tax money! Was that OK to you? Did the bankers that create the crisis go to jail or are they still riding private jets and enjoying the millions they embezzled? Are they gonna bail me out if my job requires me to temporarily move to another state and pay for a new rent plus the mortgage of an empty house that the bank itself don't allow me to rent? No! Oh yea, but that is all just fine, because it all happened according to "the law" and "the rules" that they wrote.

That is the problem with our society nowadays. We are so used to being stepped over by banks that we find it "okay" that they make all the rules to protect themselves from us with their army of lawyers and lobbyist and people checking up occupancy. In the end who cares if they FAIL? We would just bail them out again, right? All back to normal, no problem! On the other hand a low-middle class individual with little money to spare trying to modify a contrat that is inconvinient for his personal situation is seen as "trying to commit fraud". Amazing! I say if they make rules that are convenient for them, we need to push so that the contract is fair for us as well. But sadly this country lost its ability to strike and protest a long time ago.

Everyone else, thank you for your valuable input! As, AJ mentioned, I can try to get a portfolio lender. That sounds like the best option for me. Also, thank you CCinOC for the list of valid "extenuating circumstances" for the lenders.

I think there is a lot of pessimism here on our ability to get rid of the "occupancy" clause in the document. I believe that every document can be legally modified before signing it, just that most people don't take the time to do so and don't believe in their own ability as an individual to confront a bank or a company. Like I said, before signing employment contracts I have modified/crossed-out IP and non-compete agreements, while most people think that doing so would stop the company from hiring you. Like I said, I would understand signing the "occupancy" clause if I had 10 properties, but this one would be my first and only home, so evidently my main intention is to occupy it as soon as possible.
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