Minnesota Mortgage Fraud Attorney & Lawyer
Have you told a little white lie on your mortgage application? Or, perhaps your scheme to make a little extra money on the side has now been uncovered by the authorities. Whatever the case, you could be charged and convicted with mortgage fraud, a very serious federal offense.
Mortgage fraud is a type of crime involving your mortgage papers where material has been misrepresented, misstated or omitted for personal or corporate gain. Even something as small as omitting certain assets or lying about your yearly income can count as mortgage fraud. Furthermore, mortgage fraud can happen to anyone including appraisers, brokers, lending companies and home owners. The Department of Housing and Urban Development is cracking down on mortgage applications and using a fine comb to check for anything that looks suspicious. If your documentation looks a little iffy, then you may be accused of mortgage fraud.
Mortgage Fraud Indicators
The FBI and the Department of Housing and Urban Development may be on the lookout for the following suspicious activity:
- Exclusive use of one appraiser
- Unrealistic value of a property
- Higher fees
- Bonuses paid and increase commission to brokers and appraisers
- Fake-looking supporting loan documentation
- Identity issues on mortgage applications
- Missing documentation
There are a number of different charges under the umbrella of mortgage fraud. Some of the charges in bank fraud include:
- inflating the value of the property
- creating loans based on fictitious property
- ownership of a property under false pretenses
- income or employment lies in order to qualify for a loan
- a lender steals someone else’s identity in order to obtain a loan
- a made up account or property is used to collect payments
- misleading appraisal reports to the lending company
- foreclosure schemes where insider trades are made
How Mortgage Fraud Can Affect You
If you are convicted of a mortgage fraud you may face felony, gross misdemeanor or misdemeanor charges depending on the severity of the situation and the information surrounding it. Even if it has all been a misunderstanding or an honest mistake, you could still be charged with soft fraud and face criminal conviction. You may face jail time, harsh fees, restitution to the victim, community service and a permanent black marker on your criminal record.
If you are charged with a federal offense, you will also lose your ability to travel overseas as well as your right to bear firearms. However, one of the hardest aspects of being convicted of mortgage fraud is trying to obtain any type of loan in the future. We all depend on lending companies to help us out – with a mortgage fraud conviction to your name, you may have difficulties finding a lending company who will give you a fair chance.
Mortgage Fraud Lawyer Minnesota
A Minnesota mortgage fraud lawyer is your best defense against any mortgage fraud case. DeVore Law Office has represented brokers, home owners, appraisers and lenders who find themselves in trouble with mortgage claims. Contact the team at DeVore Law Office today for a free initial consultation and the assurance that your legal rights are being defending by the best in the business. Call 651-633-5000 24 hours a day, seven days a week for the reassurance you need.