As a real estate attorney, I've explained this elsewhere. The mortgage fraud they're claiming is known as "occupancy fraud." When a person takes out a mortgage, if they're going to be living on the property, they sign an occupancy affidavit saying they intend to move into the property in 60 days. That gives them a better interest rate on their mortgage. If that person later gets another job and moves out of state - say a person getting a job in Washington, DC in an elected or appointed position, that person can buy a house there and execute an occupancy affidavit if they intend to live there and they are buying the house with a mortgage. Regarding the first house, the person, if they keep it, is not required to refinance because they no longer live there. The mortgage company can't make them sell the property or refinance to an investment (higher rate) mortgage because they no longer live there. The person has done NOTHING illegal.
Thank you for this, for your clear-eyed explanation and clarification. So, Trump is not only fraudulent in his actions, he is fraudulent in his accusations. No surprise. His gains are all ill-gotten, his brains are mush, his trains don’t run on time, but he surely knows how to ruin lives, innocent lives. With any luck, there’s a special place in Hell waiting for him.
As a real estate attorney, I've explained this elsewhere. The mortgage fraud they're claiming is known as "occupancy fraud." When a person takes out a mortgage, if they're going to be living on the property, they sign an occupancy affidavit saying they intend to move into the property in 60 days. That gives them a better interest rate on their mortgage. If that person later gets another job and moves out of state - say a person getting a job in Washington, DC in an elected or appointed position, that person can buy a house there and execute an occupancy affidavit if they intend to live there and they are buying the house with a mortgage. Regarding the first house, the person, if they keep it, is not required to refinance because they no longer live there. The mortgage company can't make them sell the property or refinance to an investment (higher rate) mortgage because they no longer live there. The person has done NOTHING illegal.
Thank you for this, for your clear-eyed explanation and clarification. So, Trump is not only fraudulent in his actions, he is fraudulent in his accusations. No surprise. His gains are all ill-gotten, his brains are mush, his trains don’t run on time, but he surely knows how to ruin lives, innocent lives. With any luck, there’s a special place in Hell waiting for him.