← 5 Financial Lies That Could Land You in Hot Water

LIFE

By Sonja Mack | Published October 27, 2010 | Full size is 400 × 305 pixels

Lying to your lender. Submitting false statements on a mortgage application is illegal. Under the Fraud Enforcement and Recovery Act, if you’re convicted of mortgage fraud, you could face up to 30 years in prison and a fine of up to $1 million. If prison stripes aren't your style, triple check to make sure all of your statements are factual.

Lying to your lender. Submitting false statements on a mortgage application is illegal. Under the…