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Miami Mortgage Fraud Lawyer

What is Mortgage Fraud?

Mortgage fraud is a broad term that can encompass many different criminal acts. A person is typically charged with this crime when they have made a material misrepresentation, misstatement, or omission in their mortgage loan application. People may provide false details on their application (names, social security numbers, employment information, financial information, appraisal information, etc.) in order to deceive the financial institution into approving their applications. The fraud act becomes complete when that application is submitted to an underwriter or lender who then relies on it to make a decision regarding the funding, purchasing, or insuring of a 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 the help of our Miami mortgage fraud attorneys, there may be a significantly increased likelihood that your fraud charges will be lessened or dropped outright.

Types of Mortgage Fraud

While state authorities can get involved in mortgage fraud cases, a large number of them are primarily investigated and prosecuted by federal authorities, including the Financial Institution Fraud Unit of the FBI. This unit specifically targets one type of mortgage fraud, known as "fraud for profit." Fraud for profit refers to schemes that involve the false inflation of the value of a property, revolving equity, and loans based on fictitious properties. "Fraud for housing," the other common type of mortgage fraud, refers to an individual providing false information on their loan application in order to obtain the necessary funds to purchase a property.

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 for Mortgage Fraud in FL

At Hager & Schwartz, P.A., our federal crime attorneys in Miami understand that being arrested and charged with a federal crime can be an experience that makes you feel frightened and helpless, especially if you have been charged because of a mistake. Applying for a mortgage is a complicated process, and it is entirely possible that you are now facing charges because of an unintentional error made while completing the paperwork. In representing you in your mortgage fraud case, we will work tirelessly to establish the facts behind what occurred, and ensure that your rights are fully protected during your criminal proceedings.

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.

Contact our Miami mortgage fraud lawyers today!

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