Senior Smart Aleck
Join Date: Aug 2009
Location: Richmond, Virginia
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...not only is fraud criminal, but it can also make the loan nondischargeable in bankruptcy if the bank should timely file a complaint for such a determination. 11 U.S.C. 523(a)(2).
This would also include use of false pretenses, a false representation ("...it will not be my primary residence..."), actual fraud, or a materially false financial statement in writing used with the intent to deceive.
The awful result: one could end up owing the loan for the rest of one's life, and would be perpetually subject to wage/bank account garnishments.
Tell the truth on loan applications. There are much worse things than being turned down for a loan. Better yet, don't finance depreciating luxury goods on credit. Only buy with disposable cash.
Last edited by jameswilson29; 01-12-2013 at 08:10 AM.