What is mortgage fraud? Generally this type of fraud happens one of two ways. Someone attempts to provide information in order to apply for a loan that they otherwise weren't able to acquire or when someone misrepresents the facts in order to get money from a transaction.
Mortgage fraud is a very serious crime with severe penalties. Even though it is a white collar crime, fraud comes with the harshest of consequences and you need the best Colorado Springs defense lawyer to be on your team.
The financial losses due to mortgage fraud are drastic and the total losses are actually unknown by the government. For this reason, they take drastic measures to hunt down the fraud and prosecute suspects.
So what are some common types of mortgage fraud? - Submitting forged paystubs in order to obtain a loan - Stolen identity in order to obtain a loan - Loan application is not made in the name of the home buyer - Home appraiser increases the value of the home surpassing its actual worth - Home is purchased, appraised at a higher value than its actual worth, then resold for a profit - Home us purchased in another person's name, who gives it to another person who then proceeds to rent the property without making payments - A smaller loan is taken out on the home, in addition to the first loan, without the original lender's knowledge
According to FBI statistics, mortgage fraud is one of the most steadily rising white collar crimes committed in the United States. Even with all of the economic changes and modifications in lending practices, health care fraud is on the rise. Investigators go so far as to flag accountants, land developers, builders, brokers, appraisers, underwriters, and any other professional involved in the home buying process, that are most likely to commit mortgage fraud.
If you have been accused of conscious, deliberate mortgage fraud, don't wait to reach out to us for help. We have years of experience defending professionals that have allegedly committed mortgage fraud. Our team of expert defense lawyers would love to defend your case. Call us today at 719-227-0230.