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Ask Barrister Your Own Question
Barrister, Attorney
Category: Legal
Satisfied Customers: 37373
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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If a financial institution finds out a person gave fraud documents

Customer Question

If a financial institution finds out a person gave fraud documents but pays the loan on time monthly what happens? Or does this happen mostly when someone defaults on a loan /mortgage?
Submitted: 1 year ago.
Category: Legal
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question..They can contact the local authorities and file a formal criminal complaint for mortgage fraud if they wanted to. Then it would be up to the local District Attorney to determine whether he wanted to pursue this with formal criminal charges..But unless they just conduct a random audit of loans and pick one that happens to have fraudulent documents, then this normally only comes up when a borrower defaults. .Even then, this is embarrassing to the bank so they might not take any action at all because it reflects badly on them and shows that they aren't paying attention to their screening and verification processes...thanksBarrister