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Re: the multiple houses.
long, long ago I worked in mortgage processing. How long ago? This was a savings&loan, and then under the Resolution Trust Corporation. Yup.
If Jim-Bob is listed as the owner of these houses, there would have to be non-owner occupied loans and non-owner-occupied insurance. Jim-Bob cannot have more than one primary residence.
A vacation home is different. A three bedroom, 1 1/2 bath in a subdivision is not a vacation home.
(Plenty of nice vacation homes in NWArk, oh yeah.)
Jim-Bob has plenty of adults to list on paperwork, saves him mortgage interest and homeowner's insurance.
Distasteful but probably not illegal.
I expect financial oversight agencies are reviewing his transactions. I hope so....
jmho ymmv lrr lrr lrr lrr 19 times
long, long ago I worked in mortgage processing. How long ago? This was a savings&loan, and then under the Resolution Trust Corporation. Yup.
If Jim-Bob is listed as the owner of these houses, there would have to be non-owner occupied loans and non-owner-occupied insurance. Jim-Bob cannot have more than one primary residence.
A vacation home is different. A three bedroom, 1 1/2 bath in a subdivision is not a vacation home.
(Plenty of nice vacation homes in NWArk, oh yeah.)
Jim-Bob has plenty of adults to list on paperwork, saves him mortgage interest and homeowner's insurance.
Distasteful but probably not illegal.
I expect financial oversight agencies are reviewing his transactions. I hope so....
jmho ymmv lrr lrr lrr lrr 19 times