What Happens If I Lie To Get A Loan?
You would be committing mortgage fraud. Mortgage Fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth. The Fraud Enforcement and Recovery Act was signed into law by President Barack Obama in May 2009. It increased the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a fine of up to $1 million. FERA also increased the statute of limitations for mortgage fraud from five years to 10 years.
