1st deal loan modification help

[Marcus Griffin]

I purchased a home sub2 that was a pre foreclose. The bank is offering 2 options for modification. I pay $14k and keep 3.5% interested rate and $1900 payment or no upfront payment put interest go to 7% with $2500 payment. Plan is to cash flow property as airbnb. Please advise?

[Chris Seveney]

@Marcus Griffin

Typically as part of a modification the bank will have a “shock package” which includes information and forms to be completed by the borrower

On those forms there are questions like will they or do they occupy the property, there income, do they plan on keeping th home.

This is equivalent to lying on a bank application which is most likely considered fraud

Not providing legal advice but this is definitely a very slippery slope you are getting involved in.