Mortgage Fraud

Phoenix Mortgage Fraud Lawyer

There are many white collar crimes that are on the rise and mortgage fraud is one of those. If any prosecuting agent believes that a person is committing mortgage fraud, they will take criminal action. As for why this crackdown has happened, the housing crisis has much to do with it. If a person is convicted of concealing or providing false information in order to obtain a mortgage loan, which many got away with before the housing crisis was in full swing, they can serve up to 40 years in prison.

A prison sentence this lengthy is not one that you want to have to serve, which is why it is imperative that you retain the services of an attorney with an established track record. The moment you find out you are being investigated, call Myles A. Schneider so that you have an attorney by your side every step of the way. Mortgage fraud investigations can be very long and difficult. If charged, you will have an aggressive defense in place to help achieve the best possible result.

Mortgage Fraud Classifications

Mortgage fraud can be classified into two categories. The first is fraud for housing. This is a type of mortgage fraud that involves a borrower providing false information about their employment, income, or other pertinent information in order to obtain a loan. This type of fraud is typically charged as a misdemeanor.

The second category is fraud for profit. This type of mortgage fraud occurs when a person collaborates with someone who works on the inside. In fact, the FBI estimates that approximately 80% of fraud for profit crimes involves industry insiders. These individuals include loan officers, accountants, mortgage title companies, developers, and a number of others.

Types Of Mortgage Fraud

The type of mortgage fraud allegation depends upon the details in the case. Some of the common types include:

  • Using property flipping as a way to straw borrowers, steal identities, and for propertly values to be inflated through fake appraisals.
  • Skimming equities by involving corporate identity theft, corporate shell companies, and using foreclosure and bankruptcy as a way to mislead.
  • Obtaining a mortgage through false statements, such as misrepresenting residency, income, and employment.
  • An appraiser overstating or understating property values.
  • Using the credit report of another person, also known as a straw borrower, to purchase property so that the identity of the real purchaser is concealed.
  • Using someone else’s identity to obtain a mortgage loan without the consent of the person whose identity was used.
  • A person receives multiple loans for the same property at the same time and the loans exceed the real value of the property. The borrower will go to multiple institutions.

If you are accused of any of these actions, the best choice toward showing the facts in your case is a Phoenix federal crimes lawyer who knows the law.

Contact An Arizona Mortgage Fraud Attorney

Being accused of mortgage fraud can be frightening because of the penalties that can be paid if convicted. There are legal ramifications as well as personal ones, so it is important to have the best possible representation by your side from the moment you find out you are being investigated for the crime. To take the first steps toward ensuring the best outcome in your case, call us at 602-926-7373 for a free consultation.