It’s not as simple as you might initially think.
This is a possibility:
Cambridge place - secondary residence
Michigan place - long-standing primary residence
Atlanta place - intended future primary residence
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A lot of people would like to get out of ‘rat-infested Michigan, including black folks.
It matters what her intentions were. It would take an investigation to find out for sure.
She had a job in Michigan with a long commute. She might have hated the job or the commute, had a nasty boss or awful students.
She might have been in a relationship with an Atlanta area man that didn’t work out. She might have older relatives in Atlanta that she might within a few years have help to care for.
She might have bought the Atlanta place to lock in a cheap mortgage rate even if she wouldn’t be able to move in for say two years.
She might have fully intended to comply with the terms of the mortgages and explained her situation to the lending officers. Her mortgage dealings would amount to contract breaches and not mortgage fraud.
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One of my neighbors had a job in the Boston area. He bought a house in Florida as he had relatives here and wanted a house he could afford. He kept his Boston area job for about two years and lived with family up north when doing part of the job up north and down here when he could work remotely.
He eventually got a near 100% remote job so he could live and do his work here in Florida.
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Mortgage companies could do what my friend’s co-op does. The co-op gets 10% of the rent the first 12 months, 20% of the rent the second 12 months, 30%....
The mortgage company could alternately increase the interest by one-tenth the first 12 months of rental occupancy,....
The percentage might reset after a certain number of months of primary residence usage.
Where did she vote? Where did she pay state income tax? Where did she have a drivers license?
> It’s not as simple as you might initially think.<
Yes it is. That’s why they have refinancing. That’s what I did to comply with the law.
I’d also like to know if she was claiming homestead in both places.
EC