Mortgage Fraud
Definition:
The Federal Bureau of Investigations (FBI) defines mortgage fraud as "any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan." Mortgage fraud describes a broad variety of criminal actions where information is misrepresented or omitted on a mortgage loan application, so that a larger loan amount is attained. In essence, when a personal lies on their real estate loan application, it is considered mortgage fraud.Consequences of Mortgage Fraud:
The rise in the number of mortgage fraud has prompted the federal government to actively investigate and prosecute alleged mortgage fraud schemes that involve investors, brokers and buyers. If a real estate professional approaches you and asks you to be a part of a mortgage fraud scheme, report them to the FBI immediately. Remember that mortgage fraud is against the law. If you suspect that you might be involved in a mortgage fraud scheme, speak to a lawyer before moving forward.What a Lawyer can do for you:
If you are convicted of mortgage fraud, the consequences are severe; therefore, it is critical to hire an experienced defense lawyer. You may be prosecuted on the actual loss that resulted from the mortgage fraud, along with the intended loss.Lawyer Referral Service:
If you are facing allegations of mortgage fraud, contact Attorney Search Network today to find a highly qualified real estate lawyer in your area.
If you have any questions about the information provided above,
please
contact us
Call us or click here to get a referral to an Attorney Search Network panel lawyer or law firm.
