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One Year in Jail and a $10,000.00 fine?
One Year in Jail and a $10,000.00 fine?
You heard it!  That is the price for mortgage fraud.
I don't know about you, but my red hair clashes with orange!
                     
 
This is serious folks!  How many of you have had clients who were CLEARLY buying an investment property, but obtained financing as an owner occupied home?  Ok none of us want to admit it, but let's be honest.  This happened ramp-idly in the past, but NO MORE!  If caught, it comes with a mandatory $10,000.00 fine and one year in jail.
You can not as the realtor say to the judge, "But I didn't know!"  Because the judge will say "It's your job to know". 
 
                                  

And it is.  It's our job as mortgage professionals and realtors to ask the appropriate questions, to structure the deals properly. It's not only our job to protect the banks against the risk of foreclosure, but it protects all of us and our economy.  If the last few years doesn't convince you of that, I don't know what else can.  Oh yeah...3 square meals.
I just today received a phone call from an investor who said "off the record, my partner has ... more

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