NJ Mortgage Fraud Defense Attorney
Mortgage fraud is a term that is used to describe companies and individuals who falsify information on mortgage documents in order to get personal gain. Mortgage fraud is not a specific charge. However, you can still be charged with wire fraud, bank fraud and conspiracy.
You need to call an attorney as soon as possible if you have been charged with mortgage fraud. There are severe penalties that you can face if you are convicted of fraud. In fact, you can potentially spend up to 30 years in jail. You can also be required to pay a $1 million fine.
Examples of Mortgage Fraud
Real estate professionals, mortgage brokers, real estate lawyers and appraisers are some of the people who typically commit mortgage fraud. However, the home buyers may also be investigated. People usually commit mortgage fraud for the purposes of monetary gain. Specific examples of mortgage fraud include the following.
- Falsifying information that is on the mortgage application. One may also steal another person’s identity.
- Providing forged or altered tax returns or pay stubs in order to put inaccurate information on the application.
- Giving the property an inflated value while appraising it. This often occurs when the property is flipped.
- Getting a mortgage loan, but not making any payments until the property has been foreclosed on.
- Getting a second mortgage without the knowledge of the lender.
The laws regarding fraud can be complex. That is why you need an attorney who will explain all of the laws to you.
Defenses Against Mortgage Fraud
There are federal laws that have been put in place to deter mortgage fraud. However, there are some people who make an honest mistake on their application. In fact, it is estimated that 10 percent of mortgage applications are considered fraudulent because of mistakes. Fortunately, there are several defenses that can be used.
If you did not intentionally put false information on your application, then this is something that you will have to prove. Witness testimonies can be used to prove your innocence. A property valuation expert or accountant can be used as a witness.
The loan application itself can also be used as evidence. You are required to provide a lot of information on your application. If most of the information is missing, then it can be extremely difficult to prove that any fraud was committed.
Lack of intent is another possible defense that can be used. The prosecution has to be able to prove that you intentionally withheld or provided false information. Because real estate agents are typically the ones who are charged with mortgage fraud, you can argue that you had permission from the property owner.
It is common for people to use another person’s information to sell or buy a home. You may not even realize that your identity has been stolen. The charges can be dropped if you had no idea that the fraud was going.
Additionally, entrapment is a valid defense. Your attorney can prove that you would not have committed the fraud if you had not been forced to do so.
Contact a NJ Mortgage Fraud Defense Attorney
An experienced attorney will fight for your rights. They will come up with a list of defenses that can be used. They will also tell you about the options that you have. You don’t want to leave the fate of your case in the hands of someone else.
Our attorneys are dedicated to protecting your identity, reputation and money. Additionally, they will be able to answer all of the questions that you have about mortgage fraud.