Did you tell the truth? Did you think you might "out smart" your loan officer?
Well you might not be as smart as you think! As part of the closing process, your mortgage application, supporting documentation, perhaps another review of your credit report, and tax returns will be reviewed by the post closing/compliance department.
If the information receieved prior to closing does not match the information received after closing you just might find yourself in the middle of a nightmare.
Here are some of the consequences:
* Loan could be called due immediately in which case, it would have to paid off or put through the foreclosure process
* Foreclosure will impact your credit score by 100-200 points and remain on your record for 10 years.
* You will have to move out of your new home.
* You may be prosecuted for mortgage fraud and face fine and/or imprisonment for up to 30 years in a federal prison.
It is always best to tell the truth. But if you don't, be prepared for your next home to be much, much smaller.
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