Mortgage Fraud in Miami
Misrepresentation on a Mortgage Loan
Recently, our state has seen a rise in instances of mortgage fraud and real estate fraud, resulting in the federal government becoming much more involved in investigating and prosecuting alleged mortgage fraud schemes. If you are being investigated for mortgage fraud, or have been charged with this crime, it is crucial that you contact an attorney immediately. We understand the gravity of mortgage fraud charges, and the severe penalties they can carry, and we provide extensive and aggressive legal representation that is intended to bring beneficial results in your case. With our help, there may be a significantly increased likelihood that your fraud charges will be lessened or dropped outright.
Mortgage fraud involves the defrauding of a federally insured lending institution and can be accomplished in a variety of ways, including silent second schemes, foreclosure schemes, or the utilization of inflated appraisals and air loans.
The majority of mortgage fraud schemes involve one of the following:
- Straw buyer loans used to purchase property - A "straw buyer" purchases property for an investor who would normally not qualify for a mortgage loan due to them possessing a number of other property loans. Should the investor default due to market fluctuations, they can be charged with fraud due to using deception to obtain the property in the first place.
- Inflated appraisals - This scheme also involves a straw buyer purchasing property for an investor. The property is purchased and sold several times, each time the price increasing through utilization of corrupt appraisers and brokers. The proceeds from these sales are often appropriated by the investor, appraiser, or other involved party.
Avoiding a Prison Sentence
Charges for mortgage fraud are extremely serious, with defendants being prosecuted not only on the actual loss caused by the fraud scheme, but also on any intended loss that had yet to come to fruition. If you are facing these charges, it is important to know that the prosecutors in your case will likely do everything possible to obtain a conviction. It is in your best interest to retain an experienced and dedicated attorney who can effectively challenge the prosecution's case, and fight for an outcome that sees you exonerated of the crime.