Say they didn't have a job but found the perfect apartment/house, then got a friend who owned their own business to pretend that person had been working for them for 3 - 5 months for the bank to give that person a mortgage. Would that work ?
2007-01-31 02:19:24 · 9 answers · asked by Dee 2 in Business & Finance ➔ Renting & Real Estate
It's called mortgage fraud and is real high on prosecutor's lists right now. They love taking these to trial because it is an easy win.
It's Federal Pen. time. It's a Federal Felony
Good Luck.
2007-01-31 02:25:43 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Sadly, yes.
If "the person" applies for a stated income loan, they only need to get written verification from the "employer" to state that "the person" has worked there for the last two years.
I wouldn't want to be around if the bank found out you were lying after the fact. I guess what I would do is call the mortgage note due there and then. That would put you in a tough situation.
I've never seen someone get away with it. It's too hard to keep a secret when someone is delving into your affairs as detailed as a loan officer does. Most everyone slips somewhere along the way as they try to weave their web.
2007-01-31 10:32:29 · answer #2 · answered by Kevin B 3 · 0⤊ 0⤋
No! Because employment is verified through a phone call and receipt of last 2-3 months pay stubs. Banks are not stupid...
2007-01-31 11:37:37 · answer #3 · answered by boston857 5 · 0⤊ 0⤋
It is possible, if you use a "No Doc Program". Under these guidelines they do not ask about income, assets or employment. However, you must have some equity in your home or have a down payment, and a very good credit score. Hope that helps....let me know if you want to talk mroe about it
2007-01-31 10:40:33 · answer #4 · answered by Matt S 1 · 0⤊ 0⤋
The bank will request pay stubs, tax returns, and more. So if you don't want to get into heavy document forgery, I'd stay away from that route.
What would be better would be to get someone who knows and trusts you to co-sign for your loan.
2007-01-31 10:23:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I suppose it would be POSSIBLE.....However this would more than likely be called "mortgage fraud" and you could go to jail for a while...Kind of hard to make payments from jail don't you think?...Just do whatever you think is "right" and you should be fine..ss
2007-01-31 12:34:43 · answer #6 · answered by Littlebit 6 · 0⤊ 0⤋
Yes go right ahead and lie to the bank. People like you belong behind bars and have your cherry taken by bubba!!!
2007-01-31 10:59:36 · answer #7 · answered by Paul V 6 · 0⤊ 0⤋
It is called fraud. If you are thinking about doing this consider how much fun you and your friend will have in jail when you are caught.
2007-01-31 10:37:10 · answer #8 · answered by Gypsy Girl 7 · 0⤊ 0⤋
Anything possible...a better question, is it legal?
2007-01-31 10:23:45 · answer #9 · answered by Laughing Man Copycat 5 · 0⤊ 0⤋