Posted on: 09th Jun, 2010 04:54 pm
I relocated from southern to northern california for my work. The house that I owned in southern california was under water that I leased to my sister. I showed that lease toward rental income to qualify for a house in Northern California. I got the house in Northern california, but my sister cannot afford to make payments anymore since she is not working. I made two payments toward my mortgage for the socal house. NOw I can't make any more payments... and will likely face foreclosure. Question is, I am worried this might look as mortgage fraud to bank of america, which has both of my mortgages. Am I likely to be sued by BOA? If I hadn't made any payements after I got the northern cali house, would they have sued me for buy and bail?
Hi saketpaudwal,
If you do not make the payments towards the Souther California home, then the lender can foreclose the property and sue you for the dues. It will be completely the lender's discretion whether or not he would file a lawsuit against you for buy and bail.
If you do not make the payments towards the Souther California home, then the lender can foreclose the property and sue you for the dues. It will be completely the lender's discretion whether or not he would file a lawsuit against you for buy and bail.
I know for a fact that in california the lender cannot pursue you for money when you f.loreclose there is an additional mortgage debt relief program initiated by Obama that protects us. I am not worried about the bank coming after me because of the foreclosure.i know that won't happen. I am only concerned about the fall out of the Lease with my sister. I am worried about the bank treating this as mortgage fraud
Has anyone here gone thru a similar situation in recent times?
Has anyone here gone thru a similar situation in recent times?
Saket
You are asking about bank treating you as 'fraudster' on the account of giving false proofs of income.So, I do agree with your opinion that bank can surely sue you for claiming false proofs of income.
So I would suggest you to send a letter to BOA explaining b4 they initiate any action.Although you have leased your home to sister,still here the relationship between you and your sister is different as that of any professional parties.
You are asking about bank treating you as 'fraudster' on the account of giving false proofs of income.So, I do agree with your opinion that bank can surely sue you for claiming false proofs of income.
So I would suggest you to send a letter to BOA explaining b4 they initiate any action.Although you have leased your home to sister,still here the relationship between you and your sister is different as that of any professional parties.
It would really help if I hear from people who have gone through a similar experience. I am not completely convinced that the Bank would even care.
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