My son wants me to give a statement saying he lived in a house we own that our other son is living in. And wants us to say she has paid $900/mo for the last 5 years. We haven't even owned the house that long.
2007-07-13 20:50:47 · 11 answers · asked by WENDY R 1 in Business & Finance ➔ Renting & Real Estate
Lying is always against the law, ask Scooter Libby, his was called perjury yours would be called fraud. Even if your son's application was turned down it would still be attempted fraud.
2007-07-13 21:00:58 · answer #1 · answered by justgetitright 7 · 0⤊ 0⤋
ARE YOU LOOKING FOR the LIKELIHOOD? Realistically you are 99.9% not going to get caught doing it. Lenders silently turn down apps.. Lenders don't have time to wrestle ordinary people for it. HOWEVER... you have not owned the property for that long.. Lenders don't usually check your title for things like that. For all they knowyou could have subleased it to him and then bought it and continued to rent it to him. They are not running a check on you only him. If that makes sense. the bigger concern to me is that.. usually brokers tell young people to lie.. or uninformed people to lie TO MAKE THEM QUALIFY. The lender is not going to come after you for something like this.. they'll just turn it down if they picture doesn't look right. I would say.. if you are scared or just dont like that sorta thing don't do it. If you know he'll be okay making that mortgage payment.. then consider it. Lenders have a hard time trusting FIRST TIME HOME BUYERs.. which if they are asking for this he most likely is... or hasn't owned a home for a long time. Help your son make a responsible decision.
ALSO, the lender is doing this because they don't completely trust your son is credit worthy. THE BROKER he is using chose the lender.. which might not be accustomed to serving first time home buyers or is less lienient on them. I would chose a lender like this.. good lenders don't qualify you on NO FACTS.. bad lenders are eager to make something out of nothing. If he feels he must get a house NOW for whatever reason... then use another lender.
2007-07-13 21:28:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes and could be considered a federal offense. But why does have to prove 5 year residency? A lot of loans now do not verify past rents. He may want to call another lender and see if they advise him otherwise. I have done loans for people who have lived with their parents.
Good luck.
CA Lender
2007-07-13 21:25:38 · answer #3 · answered by lenderjayne 3 · 0⤊ 0⤋
rather Mr. Shoplifter guy above my posting.... you will get detained. as quickly as you have commited against the regulation on own supplies, the owner reserves the the main important acceptable option to retrain you. i might optimal rather restrain your butt by actuality i'm an LP. I even have retrained various human beings and helpful fulfillment with the assumption its pretend imprisonment by actuality optimal cameras are literally not for instruct they're jusst unmanned many situations regardless of the undeniable fact that the video recording does not lie. subsequently, an LP that's employed by making use of skill of a private company and is accepted to guard its supplies is in reality LEGALLY ALLOWED TO DETAIN YOU. The restraint ingredient is left as a lot through fact the corporate coverage regardless of the undeniable fact that.
2016-12-14 08:29:17 · answer #4 · answered by maiale 4 · 0⤊ 0⤋
Lying on a mortgage application is lender fraud. That is a federal offense. If you knowingly provide such a false statement and it is discovered, you could be prosecuted.
In other words, do NOT do it.
2007-07-14 01:30:19 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
There is a law against lying in any contract. Especially with banks. It is called a FRAUD.
2007-07-13 20:58:35 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Ok lets get to the real deal, its called bank fraud and mail fraud.If the bank contract is turned down its also called attempted bank fraud.please explain these facts to your son.
2007-07-13 21:15:22 · answer #7 · answered by endgame1915 3 · 1⤊ 0⤋
Yes it is against the law to lie on a mortgage application.
It could lead to all sorts of problems for you.
Don't do it.
Hope that helps.
Regards
Business in Barnet
http://www.business-in-barnet.com
2007-07-13 20:59:32 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Sometimes I can't believe humans ever got out of caves.
2007-07-13 21:15:49 · answer #9 · answered by filthadelphia 2 · 0⤊ 0⤋
Bank fraud and Mail Fraud statutes would cover it. If he went under you are screwed.
More than that its wrong.
2007-07-13 21:01:08 · answer #10 · answered by Anonymous · 0⤊ 0⤋