Being charged with mortgage fraud can be an extremely stressful situation that will ultimately impact not only you, but your entire family, your professional life, and personal relationships alike. The penalties upon conviction of mortgage fraud can be extremely severe, and it is important that you understand this before you get started on building your defense so that you can identify all possible outcomes and avenues for a favorable result to your case. In certain cases, mortgage fraud charges can be elevated to the level of federal crimes, which means that it is extremely important to work with an attorney who is experienced as a federal defense lawyer.
The Law Office of Vikas Bajaj, APC has the support that you need when you are going through a federal charge such as mortgage fraud, and a history of experience with federal cases that will give you confidence as you move forward with this stressful situation. These charges often follow an investigation by the FBI after suspicions of high losses and community impact associated with Financial Institution Fraud (FIF) or mortgage fraud through their white-collar crime programs.
Read more below to get a general overview of federal mortgage fraud charges and cases, and contact our team as soon as possible to schedule your initial consultation. During this consultation, we will be able to discuss the situation that led to your charges, the steps that you have already taken, and a variety of other details that will help us gain a better insight into your case as a whole. From there, we will be able to consider different outcomes and strategies designed to help you move towards the most favorable outcome possible, and possible alternate plans.
What Is Mortgage Fraud?
Mortgage fraud can take many different forms, depending on the institutions or individuals involved, the structure of the fraud, the amount of money involved, and more. According to the FBI, though, mortgage fraud is any “type of material misstatement, misrepresentation, or omission in relation to a mortgage loan which is then relied upon by a lender.”
Fraud for Housing
Fraud for housing is an act committed by an individual, typically in order to secure finances in order to purchase a home. This could range from something like providing false identity information on a loan application, such as a stolen or falsified name, social security number, address, or employment details. It can also include falsifying financial documents such as bank statements, valuation reports, income statements, and other financial evidence required in order for a bank to issue a mortgage loan.
Fraud for Profit
Fraud for profit is different from fraud for housing for a variety of reasons, primarily in that it is committed on the industry side of the financial sector by insiders and others with access to specific information and knowledge. This type of fraud is done with the intention of illegally profiting off of the mortgage process by stealing money from the lender, the loan applicant, or even both. Fraud for profit is a top priority for the FBI to pursue, meaning that these are the cases that are typically brought to a federal court after an FBI investigation.
Are Mortgage Fraud Cases Becoming More Common?
The Fraud Enforcement and Recovery Act (FERA) was enacted in 2009 and has led to an increase in charges and convictions of mortgage fraud for profit cases, although this is not a reliable indication of whether or not the acts of fraud have increased, or if there are simply more resources devoted to pursuing these types of cases.
Regardless, the federal infrastructure for charging and hearing these cases have increased since 2009, meaning that the prosecution may have more experience than in years past, and could, therefore, take a much more aggressive attitude towards seeking a conviction. This sums up perfectly why it is so important to work with an experienced federal defense lawyer.
Contact Us Today
The sooner you reach out and schedule an initial consultation with the team at the Law Office of Vikas Bajaj, APC, the sooner we will be able to begin working on your case and developing a strategy towards a favorable outcome. Contact us as soon as possible so that we can discuss your case during your consultation, determine how we will work together, and get started today.