My question involves a mortgage in the state of: OH
I closed on a residential mortgage several months ago. I listed multiple investment/retirement accounts as assets on the application (they were not necessary to qualify me, but encouraged by the lender to include). During the application and underwriting process, I had a family member in dire need of money. Because I was encouraged not to take money out of the bank by the lender (due to the paper trails it would cause), I took a cash withdrawal ($~2500) out of one of my asset accounts to lend to the family member.
A new statement cut shortly afterward (prior to closing) which showed the withdrawal. My lender told me he needed an updated balance on all the accounts in which new statements had cut, and I freaked out and foolishly did not disclose that I took money out of the one. I was already in underwriting and I did not have a paper trail to follow the money because I didn't deposit it in the bank.
I have now caught wind that my mortgage is being audited and that they are re-verifying all of the balances of the accounts that I listed on the application, including all of my asset accounts. What I provided to them and what the financial repository has are going to be different by $2500. Clearly this has been found out by the QC company (I checked with the financial institution and they said that they communicated with the QC company several weeks ago via fax regarding the balance verification).
I am absolutely terrified that this will be construed as fraud. I did not intend to defraud the lender and that money did not go toward the house in any way.
I have not personally been contacted by the mortgage company or any kind of investigator at this time. I am wondering if I need to secure a lawyer now and see if they can intervene, or should I wait until there is evidence that I am being further investigated?
I closed on a residential mortgage several months ago. I listed multiple investment/retirement accounts as assets on the application (they were not necessary to qualify me, but encouraged by the lender to include). During the application and underwriting process, I had a family member in dire need of money. Because I was encouraged not to take money out of the bank by the lender (due to the paper trails it would cause), I took a cash withdrawal ($~2500) out of one of my asset accounts to lend to the family member.
A new statement cut shortly afterward (prior to closing) which showed the withdrawal. My lender told me he needed an updated balance on all the accounts in which new statements had cut, and I freaked out and foolishly did not disclose that I took money out of the one. I was already in underwriting and I did not have a paper trail to follow the money because I didn't deposit it in the bank.
I have now caught wind that my mortgage is being audited and that they are re-verifying all of the balances of the accounts that I listed on the application, including all of my asset accounts. What I provided to them and what the financial repository has are going to be different by $2500. Clearly this has been found out by the QC company (I checked with the financial institution and they said that they communicated with the QC company several weeks ago via fax regarding the balance verification).
I am absolutely terrified that this will be construed as fraud. I did not intend to defraud the lender and that money did not go toward the house in any way.
I have not personally been contacted by the mortgage company or any kind of investigator at this time. I am wondering if I need to secure a lawyer now and see if they can intervene, or should I wait until there is evidence that I am being further investigated?
Mortgages: Mortgage Fraud
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