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Inflated Income on Loan Application Could Be an Honest Mistake -- or Fraud

Saturday, July 5, 2008; Page F02 Q I bought a condominium in January 2006 for $215,000. Just the other day, I was going over some papers, including my mortgage application, and noticed that my salary was shown as about $3,900 a month. At the time, I made nowhere near that -- I was probably making about $2,000 as a waitress. Since I bought the apartment, I have exhausted all my savings, borrowed money from friends and gotten into credit card debt. Now that I think about it, maybe I should not have been approved considering what I was making. However, because of the falsified salary, I was approved. Do you think that this was just a simple mistake on the bank's part or that the mortgage broker overstated my salary just to get extra business? I feel as if I got the mortgage under false pretenses and now I have to struggle. Is... [read full story]                    

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