2006-07-03 08:40:47 · 12 answers · asked by anonima 1 in Business & Finance ➔ Renting & Real Estate
lying about your residence status, saying that you are a us citizen but you're not
2006-07-03 08:50:13 · update #1
I agree with some of the consequences listed, but pose this question to you. Why lie? Many lenders will lend to non-residents in this day and age? Probably not your local bank, but expand your horizons! I do loans for foreign nationals all day! I would never risk my license or career by putting anything but the truth on an application.
There is a loan program for everyone. Don't lie. Find a better loan officer who can get you the program that you need.
2006-07-10 05:48:52 · answer #1 · answered by mzfilly 2 · 0⤊ 0⤋
Lying on an application to a federally insured financial institution, or a federally guaranteed loan program from any financial institutuion, is a federal crime. You could be prosecuted and sent to prison. You could also forfeit any right of access to any federal benefit programs for life. If you are a non-citizen, you could be deported and barred from re-entry to the US.
The underwriter who failed to ensure that any required documentation was verified might have some problems to deal with, but the person who mis-stated the facts has much more at risk.
2006-07-03 09:10:04 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you have to lie to cover something you did, you don't deserve the trust of the bank in the first place. You should have your name put on the National Bankers' Association Black List.
2006-07-03 08:45:51 · answer #3 · answered by Curbkindaguy 2 · 0⤊ 0⤋
Nothing, the liability falls on the officer who was supposed to verify informatoin. If it goes through and you weren't caught, later down the road the bank may come after you for reimbursement.
2006-07-03 08:52:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
it's bank fraud. there could be jail time involved and major fees. if you're talking about loan fraud, if you are caught your financial life is ruined. you can never get a loan or any credit ever again. you also have significant jail time and huge penalties and fees. why would you lie on an application?
2006-07-03 08:46:00 · answer #5 · answered by gumby 7 · 0⤊ 0⤋
At best it may adversly affet your credit rating, at worst you could get busted for money laundering or financing crime. It's easy for banks to check information that you submit. If they think you're being fraudulent they can contact the authorities to run more checks.
2006-07-03 08:45:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You could be guilty of loan fraud. It's pretty serious...you could be prosecuted.
Check the web site below to find out what HUD says about Loan Fraud (on the part of both lenders and borrowers).
2006-07-03 08:47:02 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If they catch you in the lie, they could close out your account and give you your money back minus a service fee.
2006-07-03 08:44:01 · answer #8 · answered by Anonymous · 0⤊ 0⤋
bank ga
2006-07-03 08:42:58 · answer #9 · answered by tt 1 · 0⤊ 0⤋
It could be considered fraud. Jail term.
2006-07-03 08:43:54 · answer #10 · answered by Norm 5 · 0⤊ 0⤋