Lying To Get a Mortgage Could Put You In Jail!
I just finished answering a question by one of our readers of the Mortgage Insider Website. It was a great question about the ramifications of lying on a mortgage application.
I research the penalities and was shocked! Civil and criminal penalities are the punishement if found guilty, but what really unnerved me was the "negligent" aspect of those who could be found guilty.
You will be too...click over and read
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7 months ago
Are the mortgage companies spending their time and money going after liar loan borrowers?
I would suspect our prison system would be getting even more crowded if so
7 months ago
No, but even on the stated income loan ( what are know as "liar loans") the borrower was contractually bound to tell the truth about his income. Of course, knowing the lender was not going to verify the income opened the door to lie.
But just because the door is open...doesn't absolve the borrower from the legal obligation to tell the truth.
If lenders wanted to sue, they could. If prosecutors wanted to prosecute they could.
Nobody, as you point out, seems to want to avail themselves of this option...
Thanks for stopping by...