Don’t Inadvertently Become Guilty of Mortgage Fraud
November 29th, 2008 Posted in Real EstateI know it has become increasingly difficult to qualify for a home mortgage these days, but be careful not to commit mortgage fraud knowingly or inadvertently.
You never want to misrepresent the value of a home to your lender. Most likely, this would be caught by an appraiser, but you don’t want to go there. That is considered fraud, and everyone involved is subject to prosecution.
Also, do not intentionally misrepresent or omit material facts about the home to your lender. This may deceive your lender into providing a loan they wouldn’t have otherwise approved.
Never submit false information about your financial situation, ability to pay, employment records or falsify income records.
If a lender cannot approve a certain loan for you based on the truth of your circumstances, then it is in your best interest to understand that you simply do not qualify. In this case, the lender is doing you a favor and protecting you and themselves by denying your loan.
The maximum statutory penalty for bank fraud is 30 years incarceration and a fine. Yikes! No home is worth that!
If you would like to search the MLS for listings in and around Paso Robles, visit my website. If you have any real estate questions or general questions about Paso Robles or San Luis Obispo North County, please contact me via email or call me at (805) 235-0234 for more information.
It starts with a dream…
Tags: false information, falsifying records, fraud, mortgage fraud, paso robles, San Luis Obispo