Mortgage fraud refers to criminal actions that involve the falsification of documents used in trying to secure a home loan or the violation of regulations to get a client's mortgage approved. This comprises misrepresenting or omitting information on mortgage loan applications for the purpose of obtaining loans. Federal courts prosecute mortgage fraud, which usually involve a variety of professionals associated with banking and the real estate industry. These include accountants, appraisal services, loan officers, real estate agents or developers.
The different types of mortgage fraud include but are not limited to:
- Misrepresentation of income, employment, residency or other loan documentation
- “Property flipping,” which is a collusion with appraisers to buy property and then sell it at a fraudulently inflated price in order to procure excessive loans
- The failure to disclose to a lender a second mortgage (with a third party providing the down payment)
- Signing blank loan applications
- Providing false statements about primary residence to obtain a mortgage or to qualify for better loan rates
- Identity theft in order to obtain a mortgage
- Fraud for profit schemes such as foreclosure scams, equity skimming
If you are being accused of a mortgage fraud crime, you should immediately consult an expert mortgage fraud federal criminal defense lawyer to preserve your rights, especially before you're questioned by authorities. We at Joe Shemaria Law Firm seek to defend your rights so that mortgage fraud charges against you are dismissed or reduced. Call us now for a free consultation.