Legal Question in Real Estate Law in Georgia
I was trying to get a house and sent in a fake tax return to them. after I started to sign the papers and sent them, I called them and let them know I sent a fake tax return. can they do anything to me, beisdes deny my claim with them? I do not have the mortgage and the closing date on the house is a month away.
2 Answers from Attorneys
You committed a crime when you submitted the false financial information, and these days mortgage fraud is taken very seriously.
Mortgage fraud is a serious crime. Plan to spend many years in prison.
The Fraud Enforcement and Recovery Act of 2009 made things far worse for you.
Previously, mortgage lenders not regulated or insured by the federal government were not subject to prosecution under federal fraud laws. But with the increase in the number of federal investigations into mortgage fraud, the government decided it needed to enhance its enforcement power and make these laws applicable to the entire mortgage industry.
As part of this effort, the Fraud Enforcement and Recovery Act (FERA) was introduced in Congress in February 2009 and signed into law by President Obama on May 20, 2009.
FERA expanded the reach of the false statements in mortgage loan application statute (18 USC �1014) to include material false statements and willful property overvaluations used to influence any action by a mortgage lending business.
By extending the federal fraud laws to cover mortgage fraud, FERA also increases the penalties faced by those charged for violating the law. Previously, a conviction for mortgage fraud may have resulted in no more than probation. Now, someone charged with mortgage fraud may face a maximum of 30 years in prison and up to $1 million fine.
Get a very good criminal lawyer. You may be in very severe trouble.
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