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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.
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.
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.
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 toll free at (800) 215-1190 or fill out our online form for your Real Property lawyer referral.