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socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 38437
Experience:  Retired (mostly)
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Would it also be mortgage fraud when someone falsifies

Customer Question

Would it also be mortgage fraud when someone falsifies financial statements to make their net worth appear higher to obtain mortgages and uses untaxed money as down payment money and for mortgage payments? The statue of limitations on mortgage fraud would be 10 years if I am not mistaken. And when you have 50 counts of this occurring I would think the FBI would be interested?
Submitted: 11 months ago.
Category: Legal
Expert:  socrateaser replied 11 months ago.
A misrepresentation made by a borrower to an FDIC insured financial institution which causes damage to the institution is federal bank fraud, which carries with it up to 30 years imprisonment and a $1 million fine. 18 U.S.C. 1344. But, many times, there is no damage caused to the bank, because the borrower repays the loan as agreed. In which case, the U.S.. Department of Justice is highly unlikely to prosecute, because all that accomplishes is that the borrower will be unable to repay the loan. So, the issue here depends on the results of the misrepresentation. That said, if you know of a borrower who has misrepresented their creditworthiness to a bank, then you can certainly report it to the FBI, and let the government investigate. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using Justanswer!
Expert:  socrateaser replied 11 months ago.
Hello again,I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?If you need further clarification, concerning this matter, please feel free to ask. If not, I would greatly appreciate a positive feedback rating for my answer – otherwise, I receive nothing for my efforts in your behalf.Thanks again for using Justanswer!