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The Lenders- NON HOMESTEAD AFFIDAVIT- what does yours say?

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Hans Restuccia

Real Estate Lender from Miami, Florida

May 07 '13, 10:39 AM


this is an excerpt from ours:

4. Affiant states under oath that she does not reside in above described property, this property is not the Homestead property of the borrower, and that this loan is for the business operations of the borrower.

5. Affiant further states that she is familiar with the nature of an oath; and with the penalties as provided by the laws of the State aforesaid for falsely swearing to statements made in an instrument of this nature. Affiant further certifies that she has read or caused to be read to her the full facts of this affidavit, and understands its contents.

6. Affiant hereby confirms that this loan is being procured for business purposes by a business entity and that she, as the borrower, and/or the representative of the borrower, is a sophisticated investor engaged in the business of real estate investment and has had sufficient time to shop for prices, interest rates and terms for this loan. Affiant also affirms that she has received an estimate of all costs several days ago.



J Scott Moderator Donor

Real Estate Investor from Ellicott City, Maryland

May 07 '13, 11:18 AM


If you're looking for advice to protect yourself in your contracts, I would recommend speaking with a qualified attorney.



Medium_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Website: http://www.123flip.com
CHECK OUT MY BIGGERPOCKETS BOOKS: http://www.biggerpockets.com/flippingbook


Hans Restuccia

Real Estate Lender from Miami, Florida

May 07 '13, 11:29 AM


Hey J Scott- where did you see the word "advice" let alone a request for "advice?" My question is "what does yours say."

I am not looking for advise and we are attorney's - so what I am asking is what are lenders using for this affidavit- the purpose of which is to start a dialogue- to see what others are doing in the industry- hence a "forum." Right??? Now you are a moderator so if you think this is not a proper subject please direct me to the rules and properly demonstrate same.

Otherwise please keep your condescending comments to yourself! And please do not remove this post so I can see what others think about this matter.



Ned Carey Moderator

Wholesaler from Baltimore, Maryland

May 07 '13, 06:36 PM
1 vote


@Hans Restuccia, I see you are new here so welcome to BP.

I know @J Scott and I am confident he did not mean it as condescending. He may not have seen your other thread, where is it clear you have some knowledge and experience in this area.

There are many new members who show up and ask for advice that can be construed as legal advice. Especially when it comes to more technical issues sometimes the best answer is simple to contact an attorney. - Ned



Medium_crab1_copyNed Carey, Crab Properties LLC
Website: http://baltimorerealestateinvestingblog.com/
http://baltimorerealestateinvestingblog.com/


J Scott Moderator Donor

Real Estate Investor from Ellicott City, Maryland

May 07 '13, 06:45 PM


Originally posted by Hans Restuccia:
Hey J Scott- where did you see the word "advice" let alone a request for "advice?" My question is "what does yours say."

You asked a similar question in this thread:

http://www.biggerpockets.com/forums/49/topics/88987-would-anyone-care-to-share-the-contents-of-their-business-purpose-affidavit

Then, after getting good advice from Bill Gulley, you responded with:

"Thank you very much for excellent advice!! u da man."

It seemed reasonable (even likely) that if you were interested in advice in that thread, you'd be interested in advice in this thread.

I now understand that that wasn't the case, but I'm not quite sure why you felt the need to get so defensive and aggressive. You're clearly trying to build relationships here on BP, and (in my opinion) getting aggressive with those who are offering advice isn't the best way to do it.

That said, I sincerely apologize if I hurt your feelings.



Medium_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Website: http://www.123flip.com
CHECK OUT MY BIGGERPOCKETS BOOKS: http://www.biggerpockets.com/flippingbook


Hans Restuccia

Real Estate Lender from Miami, Florida

May 08 '13, 05:14 AM


@Ned Carey- thank you sir for your wise words.

@J Scott- thank you sir for you kind words as well- I apologize also for my reaction-



Hans Restuccia

Real Estate Lender from Miami, Florida

May 08 '13, 05:28 AM
1 vote


by the way- our lending company is actually owned by an attorney and we have a law firm as well so we know to always get legal advice- but what is funny- even with that we can't figure this stuff out sometimes because we get conflicting answers in our research- (LOL!!!)- so what is being done by pros in the industry like those on this forum is most helpful- their practices and comments actually confirm our research or give us ideas to increase our compliance practices which is very important to us.

Thanks again.



Ned Carey Moderator

Wholesaler from Baltimore, Maryland

May 09 '13, 08:39 AM


but what is funny- even with that we can't figure this stuff out sometimes because we get conflicting answers

@Hans Restuccia I am very interested in the law. I like to know it both to protect myself and to use it to my advantage. Yet I too have a hard time finding answers. Unfortunately, especially here in Maryland, you can know the law but you don't know how a court will interpret and apply that law.



Medium_crab1_copyNed Carey, Crab Properties LLC
Website: http://baltimorerealestateinvestingblog.com/
http://baltimorerealestateinvestingblog.com/


Hans Restuccia

Real Estate Lender from Miami, Florida

May 09 '13, 09:02 AM


@Ned Carey
Right!! and what we find since the new Dodd/Frank act and the NMLS is that they are NOT doing a good job of conveying the law so we keep getting conflicting answers. What helps us is that we only lend to a business entity- Corp. of LLC- that mitigates much of this.



Bill G.

Real Estate Investor from Springfield, Missouri

May 09 '13, 09:11 AM


Originally posted by Ned Carey:
but what is funny- even with that we can't figure this stuff out sometimes because we get conflicting answers

Ned's quote- Yet I too have a hard time finding answers. Unfortunately, especially here in Maryland, you can know the law but you don't know how a court will interpret and apply that law.

That is often the case with attorneys as well, experience and knowing how the courts or a judge will usually fall toward the interpretation of law, and in civil issues how they weigh the courts of law and courts of equity to a resolution.

That's why I always suggest doing business, regardless of what business is accomplished, in a manner customary for the area or jurisdiction. The closer you are to common practice in the applicable industry the better off you'll be. :)



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