Wanting to buy a home is a major step in anyone’s life. You may have been saving for some time and anticipating the day when you could finally apply for a mortgage loan and buy the house of your dreams. Of course, applying for a mortgage loan can be complicated and confusing, and you may not always know what information to provide.
Unfortunately, if you provide the wrong information or leave out important information on a mortgage application, you could find yourself in serious trouble. Even if you do your best to provide accurate information, a mistake could land you in hot water with the authorities.
Mortgage fraud
Providing the wrong information can go far beyond simply facing a denial for a loan. If a mortgage lender suspects that you provided false information intentionally, you could face criminal charges for mortgage fraud.
In some cases, individuals may provide incorrect information or omit information in efforts to better their chances of obtaining a loan or a better interest rate on a loan. However, misrepresentation of information could constitute mortgage fraud. The information misrepresented could relate to employment, income, property value, amount of debt or credit history. It is also possible for someone to use another person’s identifying information in efforts to obtain a loan. In other words, that individual commits identity theft as well as mortgage fraud.
Avoiding fraud accusations
You can hopefully avoid fraud accusations by ensuring that all information you provide to a mortgage lender is accurate and that you do not purposefully leave out information that may make your application look less appealing, such as having a bankruptcy filing on your record or a considerable amount of debt.
Of course, fraud can also take place on the professional side of the situation, so it is best that you do not let a mortgage lender or real estate professional convince you to change your information in efforts to obtain a better loan. Though the professional could face criminal charges, you could end up accused as well for following such advice.
Facing charges
If you do have charges of mortgage fraud brought against you, you may feel as if your dream of owning a home has gone out the window and that your future is now uncertain. Fortunately, you can combat such accusations. Enlisting the help of an Ohio criminal defense attorney experienced in fraud cases could prove useful to you.
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