"According to the indictment, Harris submitted an application to Countryside Home Loans, Inc. for a loan to purchase a house at 8916 Red Cedar Lane for an amount of $251,200 that contained false information. The indictment also charges that Harris submitted an application to BNC Mortgage, Inc., for a loan to purchase a house at 5201 Looman for an amount of $69,200 that contained false information. Two separate counts seek the forfeiture of the proceeds of the crimes, including the houses. " Reading this in an alert from The Mortgage Fraud Blog, I was reminded of conversations I have had with Realtors and consumers about colluding in fraud.
For some reason, giving false information in a mortgage loan application doesn't seem like a crime to folks. It is. So be careful, please.
Even if a loan officer tells you it's okay, it's not. Do not overstate your income, overlook liabilities, or suggest you have money in the bank that doesn't exist.
Be truthful. If that means you don't qualify to buy the home you want, try a different lender. If all the lenders say you don't qualify then believe them. The loan guidelines have been calculated to prevent foreclosure and nobody wants you to have to go through that kind of hardship.
Be realistic. It's better to live in a more modest house than to lay awake at night wondering how to make ends meet.
Give yourself the gift of a peaceful mind. You deserve it.