Mortgage fraud takes place when an individual knowingly present wrong information to obtain mortgage loan. This is an offense and the consequence can be severe, if you get caught. You may think that withholding a tiny piece of information will not cause any fatal problem, but in future this may turn into a big legal issue. Not only withholding information, even a small exaggeration about the salary may pose a big problem later.
The penalties for committing this offense can be fatal. You may go to jail, if the offense is established. As for other penalties, you may have to pay monetary fine for this offense. Probation may be among other penalties which you will have to face for committing mortgage fraud. However, the severity of the penalty depends on the level of your offense.
You should seek legal help in case you are accused of mortgage fraud. Hire an experienced mortgage fraud attorney to fight for you. He/she will prepare a strong defense lineup for you. You have no way of doing this on your own. Real estate law is complicated. Without in-depth legal knowledge you may end creating more problems for yourself. Therefore, it will be wise to consult an attorney who has experience in handling these types of lawsuits.