Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Mortgages, Refinancing & Foreclosure
Reload this Page I was asked to show more income than my employee makes for the bank

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 04-01-2008, 03:07 PM
Member
  
Join Date: Dec 2007
Posts: 39

I was asked to show more income than my employee makes for the bank

One of my employees is trying to get a mortgage loan and he needs to show a little bit more income than he currently has, so he is asking me to state for the bank that he makes more money so bank would give him the loan.
What are implications if any for my business?
Thanks
  #2  
Old 04-01-2008, 03:09 PM
Senior Member
  
Join Date: Nov 2005
Location: New Vertiform City
Posts: 5,138
Why would you submit phoney information?

Why be complicit with minor league mortgage fraud?
__________________
I've often thought of becoming a golf club.
  #3  
Old 04-01-2008, 03:09 PM
Senior Member
  
Join Date: Feb 2005
Posts: 3,359
you would personally be committing mortgage fraud, wich is a crime. I doubt your business would be directly affected by your criminal activity. It would be you personally that they would be liable.
  #4  
Old 04-01-2008, 03:11 PM
Member
  
Join Date: Dec 2007
Posts: 39
I would really like to help my employee out, he is a good guy.
What penalties can i face if any and why would anyone question information that i will supply the bank?
  #5  
Old 04-01-2008, 03:12 PM
Senior Member
  
Join Date: Aug 2005
Location: St. Odo of Cluny Parish
Posts: 29,043
Quote:
Originally Posted by kaban18 View Post
I would really like to help my employee out, he is a good guy.
What penalties can i face if any and why would anyone question information that i will supply the bank?
Keep that in mind when you are sitting in the clink.
__________________
There are two rules for success:

(1) Never tell everything you know.
  #6  
Old 04-01-2008, 04:22 PM
Member
  
Join Date: Dec 2007
Posts: 39
I guess I did not know it could be a serious crime but for the sake of this thread, what can potentially happen to me and who would even care if information is falsified?
  #7  
Old 04-01-2008, 04:27 PM
Senior Member
  
Join Date: Nov 2005
Location: New Vertiform City
Posts: 5,138
Maybe you haven't read the news lately, but moartgage fraud is a big part of why the market is tanking.

You don't think they state and feds would come down like a hammer. If you like risking federal prosecution and being a HUGE LIAR for the sake of some employee go ahead and risk it.
__________________
I've often thought of becoming a golf club.
  #8  
Old 04-01-2008, 04:28 PM
Senior Member
  
Join Date: Aug 2005
Location: St. Odo of Cluny Parish
Posts: 29,043
Q: I guess I did not know it could be a serious crime but for the sake of this thread, what can potentially happen to me and who would even care if information is falsified?


A: You could go to the clink.
__________________
There are two rules for success:

(1) Never tell everything you know.
  #9  
Old 04-01-2008, 04:29 PM
Senior Member
  
Join Date: Aug 2005
Location: St. Odo of Cluny Parish
Posts: 29,043
Quote:
Originally Posted by xylene View Post
...
Maybe you haven't read the news lately, but moartgage fraud is a big part of why the market is tanking.
...
Yep.

It's all of those predatory borrowers!
__________________
There are two rules for success:

(1) Never tell everything you know.
  #10  
Old 04-01-2008, 04:30 PM
Senior Member
  
Join Date: Jan 2006
Posts: 9,771
Quote:
Originally Posted by kaban18 View Post
I would really like to help my employee out, he is a good guy.
What penalties can i face if any and why would anyone question information that i will supply the bank?
If he's such a good guy, just give him a raise. Then, you won't have to lie.
  #11  
Old 04-01-2008, 06:11 PM
Senior Member
  
Join Date: Oct 2007
Posts: 2,548
FAIR! YOU ARE SO FAIR AND LOGICAL!!!

awesome answer
  #12  
Old 04-01-2008, 06:22 PM
Senior Member
  
Join Date: Aug 2005
Location: St. Odo of Cluny Parish
Posts: 29,043
Quote:
Originally Posted by VeronicaLodge View Post
FAIR! YOU ARE SO FAIR AND LOGICAL!!!

awesome answer
Yes, fair is fair.
__________________
There are two rules for success:

(1) Never tell everything you know.
  #13  
Old 04-01-2008, 09:58 PM
Senior Member
  
Join Date: Jan 2003
Posts: 19,155
Is he married? Let his spouse make up the shortfall.
__________________
Adoptive parents ARE "real" parents. Sharing genes is not what makes you a "parent"!
  #14  
Old 04-02-2008, 07:38 PM
Senior Member
  
Join Date: Oct 2005
Location: Ohio (southwest)
Posts: 2,290
Send a message via AIM to LindaP777
Quote:
Originally Posted by kaban18 View Post
I would really like to help my employee out, he is a good guy.
Then encourage him to buy a cheaper house, one that he can afford. If he buys over his head, you are setting him up for failure. Do him a favor and be honest when reporting his income.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 12:01 PM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.