NJ Mortgage Fraud Defense Lawyers

Posted By user, Uncategorized On November 2, 2020
NJ Mortgage Fraud Defense Lawyers
Mortgage fraud is one of the most common types of financial institution fraud. It usually happens when the individual falsifies or misstates facts on the application for personal gain. Banks go over the information with a fine-tooth comb. If fraud or misstatements is suspected, the application is turned over to federal authorities. In New Jersey, mortgage fraud is a serious offense, which can result in up to 20 years in prison and fines up to $1 million.

Examples of mortgage fraud schemes:

  • Lying on an application to secure better terms
  • Colluding with a banker to get an approval
  • Having a double mortgage for the same property
  • Using a “straw” buyer to secure the mortgage
  • Using someone else’s identity to secure the mortgage

If you are accused of mortgage fraud, you will need an aggressive defense to protect your rights. Prosecutors are relentless and they will use every trick of the trade to secure a conviction. For proper representation, call on the professionals at the Spodek Law Group. They have over forty years of combined experience in defending criminal cases. The Spodek Law Group will do everything in their power to ensure the best possible outcome. It is always their goal to either reduce or completely eliminate the charges you have against you.

One of the biggest things that flag your account for potential mortgage fraud is missed payments. This all a banking institution needs to start an investigation. You can be charged with mortgage fraud even if:

  • Your bank knows you are making false statements
  • The firm or employees of the firm encourage you to do so
  • 99 percent of what you put on your application is accurate
  • The loan application was denied

Before the 2008 banking crisis, people were signing up for federal mortgage loans left and right. Unfortunately, the lack of oversight resulted in an explosion in fraudulent mortgages in New Jersey. There are many people who are serving many months in prison. Since the debacle of 2008, the government has been doing its due diligence regarding mortgage applications. Any inaccuracies should be addressed immediately to ensure you won’t be flagged for an investigation.

The federal bank fraud statute of limitations is 10 years. So individuals should be aware that the government can go after you even if you committed the offense years ago. If they feel that there is substantial evidence to secure a conviction, they will definitely pursue it. Individuals should also understand that if you are charged with mortgage fraud, you can also be tried under wire fraud, conspiracy, and bank fraud statutes. And like all federal sentences, you will be required to serve 85% of your sentence. There are times when a plea bargain may be your only option. But the goal is to secure the lightest sentence possible under the law.

A mortgage fraud conviction can be devastating. A felony conviction on your record will seriously impair your ability to find a job, vote, legally carry a firearm, and even serve on a jury. If the government comes after you, the best thing you can do is hire representation as quickly as possible. Do not wait until the last minute. Mortgage fraud cases can be very complex. There is a lot the prosecution has to prove to secure a conviction. A solid defense attorney with the Spodek Group will customize a defense that best suits your needs. Allow them to analyze your case and give you a realistic assessment of how they can help.