Updated almost 4 years ago on . Most recent reply
Using second home mortgage for rental
Hello,
I had a friend reach out to me for some Realestate investing advice. They have come upon a great rental property opportunity (sadly through divorce). When talking with their mortgage company they suggested using a 2nd home mortgage. My friend did a little more research (on google) and saw that using that kind of mortgage for rentals could be considered "mortgage fraud". I've heard a little about this from both perspectives but I did want to give them some bad information. What are the rules? What other questions should they be asking? Any help would be much appreciated!!!