Defense Against Mortgage Fraud Charges

Mortgage fraud has become a growing issue in the United States recently, and the FBI has begun to focus a great deal of attention on the issue. Mortgage fraud charges have taken priority and are prosecuted aggressively. As such, it is necessary to secure a reputable Minnesota mortgage fraud lawyer.

There are a number of ways that an individual can commit mortgage fraud, but it always involves some type of misrepresentation, material misstatement or omission that relates to the potential property or mortgage. Lenders and underwriters rely on the information they are given in order to insure, fund or purchase a loan.

The FBI uncovers mortgage fraud by gathering data via Suspicious Activity Reports. These reports are filed by the Department of Housing and Urban Development Office of Inspector General, as well as federally insured financial institutions. Professionals within the mortgage industry may also file complaints with the FBI.

Gathering The Facts In Your Case

When trying to determine possible mortgage fraud, factors considered are as follows:

  • Higher customary fees
  • Property that appears to be overvalued during appraisal
  • Bonuses are given for fee-based services
  • Purchase loans disguised as refinancing
  • A financial institution that does not use multiple appraisers
  • Increasing property values via multiple holding companies
  • Increased commissions for appraisers and brokers
  • Asking buyers to sign blank forms or applications

While the FBI investigates both fraud for profit and fraud for housing, it has stated that it will concentrate its efforts toward the area of fraud for profit. This is also known as industry insider fraud and the sole purpose is to inflate property value or revolve equity.

Illegal actions that are committed by the borrower and not the lender are known as fraud for housing. If you have been charged with committing fraud for housing, your first step should be to consult with a Minnesota mortgage fraud attorney as soon as possible, as you could be facing serious consequences.

Building An Effective Defense

There are a number of activities that could draw attention from the FBI, including silent second mortgages, equity skimming, inflated appraisals, property flipping in search of a scam, air loans and foreclosure schemes. If you are being investigated for mortgage fraud, securing a knowledgeable Minneapolis & St. Paul mortgage fraud attorney could mean the difference between winning your case and serving a lengthy jail sentence.

Charges pertaining to mortgage fraud are taken very seriously and can be prosecuted at the state and federal levels both. Only an aggressive Minnesota mortgage fraud attorney can evaluate your case and build an effective defense. Jennifer Speas is well-versed in both state and federal law and can provide you the best route to a positive outcome.

Contact A Minneapolis Mortgage Fraud Lawyer

If you or someone you know has been accused of committing mortgage fraud, your best move is to secure a skilled Minnesota mortgage fraud lawyer. These crimes are taken very seriously and have become a growing epidemic in the United States. Speas Law Firm, P.A., can build a comprehensive defense strategy and receive a favorable resolution to your case. To find out more, call 612-284-1463 for an initial consultation.