rental home purchased as 80/20. Foreclosing soon, can I BK the 2nd? Value is lower then what i owe on the 1st

Asked by Frankie, citrus height ca Sun Sep 14, 2008

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Jim Walker, Agent, Carmichael, CA
Sun Sep 14, 2008
If both of them were purchase money loans, maybe... Were they really doing 80 /20 rental deals even in the crazy days? Most 80/20 deals the buyer had to claim they were going to be owner occupied.


BK is a federal law thingie. Realtors aren't going to give you a definite answer. We will say we can't advise you about this question because we Realtors are not attorneys and BK is a lawyer thing.

As some one who is not an attorney but merely a citizen with an opinion about right and wrong, i would not want to be answering to a federal judge if I had claimed to be an owner occupant on a loan application without the intention of actually being an owner occupant.

I'm just saying....
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