Stated Income/Stated Asset Loans

 

Past Stated Income/Stated Asset Loans – The Continuing Menace to Loan Officers

Many of you have read an older published document I authored called “Stated Loans the Silent Killer”. Unfortunately nearly 2 ½ years after that article was published the situation has escalated into countless cases across the country. You can find that article on this website under “Who Needs Mortgage Defense”.

The maximum sentence for mortgage fraud is 30 years in prison and a $1,000,000.00 fine plus restitution for all loan losses. If you need the help of an expert witness, for written or oral testimony, don’t hesitate to contact Mortgage Defense, Inc. at 704-574-0364 or contact us through this website. The courts are still working cases filed relative to stated income/stated asset loans originated from 2005-2008. You and your families future depends on you making the right decisions.

Currently I am involved in several cases in multiple states all surrounding stated income/stated asset loans that have ended up in foreclosure with lenders/servicers filing SARs (suspicious activity reports) with the FBI over falsified income and assets on the mortgage loan application. In all but one case the Mortgage Brokers/Loan Officers violated the very first rule in these types of situations, they decided to talk to the FBI without an attorney and ended up getting arrested after the interview or indicted not long thereafter.

If you are contacted by the FBI regarding any loan you previously originated, whether stated income/stated asset or not, do not talk to the FBI without first consulting an attorney and make sure your attorney is present at all times during any type of questioning. It is imperative that you protect yourself!