Real Estate Investor Gets 10 Years Federal Prison

[Eric Foster]

Real Estate Investor Gets 10 Years Federal Prison
Warning to Real Estate Investors!

Ok… hopefully I now have your attention…

I can not believe how many Real Estate Investors are willing to commit a Federal crime to get a deal done…

Just the other day I met with someone I know and he explained a deal, his first deal that he just got completed… I said wow! It sounds like you had to put a fair chunk of money down to get the loan. He said nope, got 100% financing… I looked at him kinda funny for a couple seconds, and then I asked did you have to do something “creative” to do that? He said yes, we called it “owner occupied”.

As my eyes rolled, I told him not to do that! This is a Federal crime! Anything you do to “trick” a lender into giving you a loan that if they “new better” they would not of granted the loan is “Fraud”, Loan Fraud… a Federal crime!

Go to a search engine… Type in Mortgage Fraud… They are now looking for this stuff more than ever!

You are not that smart thinking you will get away with it… Leaving a trail of clues a mile long to prove you committed fraud and prove you cheated the bank.

To name a few… Things like; DMV records, credit report records, post office records, drivers license records, address used on tax returns, W-2’s, 1099’s, unemployment claims, hunting and fishing licenses, credit card statements, bank statements, insurance of all sorts; home owners, health, life etc., what your friends, family, neighbors, and employer would tell someone asking about where you live. The list goes on and on…

It is like speeding… You can and will get away with it, most of the time… But when you get caught, you will regret it.

After all, most loans are 30 years long… that is a long time to wait and see if they choose your loan to come after.

Don’t do it!