Quote:
Originally posted by Danny_Ocean
No, that is not legal. Mortgage fraud, lending fraud, grand theft, etc., etc.
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how is that fraud , bank lends at current value
on the prop after inspection and survey thats their risk
where is the fraud it is worth x amount and they check
and grand theft?? they get the prop as per the contract
no stealing just smart sharp dealing
CORP bit is just to keep repo off your personal credit rateing
as I understand Fla law a CORP owned rental house limits the owners liability to the value of the asset owned by the CORP
in the case of the house zero as it is fully leveraged by
Mortgage[s] it may take 2 or 3 to get to 100% on a non owner Occupied house
and you pay yourself the value receved from the loan as the CEO of the CORP
and if you can't rent for the cost of the loans
there is no way to show a gain
so the CORP is going bust anyway
even if you work at it