My friend falsified a pay stub for a refinance. What could happen?
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My friend falsified a pay stub for a refinance. What could happen?
My friend is employed – albeit off on leave
being paid bi-weekly by his previous employers
insurance company.
If he didn’t try and refinance getting all his
bills paid and taking 21k of his 275,000 in
equity out he’d be in trouble and making up
one false paystub he could get into trouble.
We’ve been friends forever and since his
significant injuries spine, leg, and head
trauma he hasn’t been the same. He has workers
comp and a big lawsuit coming his way. I just
don’t want to see him get into trouble if he
gets caught. What should he do? Thank you
Asked on November 11, 2018 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
He will have committed fraud on the lender (lying about something material to get them to do something--i.e. refinance) and also arguably a form of theft (sometimes called "theft by deception": getting money to which you are not entitled by trickery). The lender could sue him for ALL the money back, plus their costs, immediately; and the could also press charges and he could face criminal prosecution.
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