Top Midfield, AL Mortgage Fraud Lawyers Near You
800 Shades Creek Parkway, Suite 400, Birmingham, AL 35209
1710 6th Avenue North, Birmingham, AL 35203
100 Brookwood Place, 7th Floor, Birmingham, AL 35209
505 20th Street North, Suite 700, Birmingham, AL 35203
850 Corporate Pkwy, Suite 100, Birmingham, AL 35242
402 Office Park Dr., Suite 270, Birmingham, AL 35203
1330 21st Way South, Suite 100, Birmingham, AL 35205
2025 3rd Ave N, Suite 1000, Birmingham, AL 35203
420 20th Street North, Suite 1100, Birmingham, AL 35203
505 20th Street North, Suite 800, Birmingham, AL 35203
2120 1st Ave N, Birmingham, AL 35203
2001 Park Place North, Suite 1500, Birmingham, AL 35203
2100 Southbridge Pkwy, Suite 650, Birmingham, AL 35209
2100 Southbridge Parkway, Suite 650, Birmingham, AL 35209
2311 Highland Ave, Birmingham, AL 35205
1929 3rd Ave N, Suite 500, Birmingham, AL 35203
1901 6th Ave. N, Suite 1400, Birmingham, AL 35203-2623
600 University Park Pl, Sute 100, Birmingham, AL 35209
2201 4th Ave N., Birmingham, AL 35203
420 20th Street North, Suite 1900, Birmingham, AL 35203
2 Chase Corporate Drive, Suite 120, Birmingham, AL 35244
1904 1st Ave N, Suite 300, Birmingham, AL 35203
1901 6th Avenue North, Suite 1110, Birmingham, AL 35203
Midfield Mortgage Fraud Information
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Criminal Mortgage Loan Fraud
Obtaining a mortgage based on false information is a serious crime and falls under federal law, though some states are also enacting state laws against this crime as well. One type of criminal mortgage loan fraud occurs when a person misrepresents or leaves out pertinent information from a mortgage loan application. There are other types of criminal loan mortgage fraud that can lead to jail time and penalties.
How Does Mortgage Fraud Work?
Mortgage fraud is a crime that can be committed by individual borrowers looking to secure a home as well as by financial industry insiders. All fraud is based on misrepresentation of some gravity that has been passed along to a victim — often a bank or credit union, but in some cases a potential home buyer.
The most common form of mortgage fraud, income or asset falsification, takes place when a prospective borrower lies about their financial status (income, debt, previous bankruptcies, etc.) to secure a loan that they would otherwise not be eligible for.
What Are Some Examples of Mortgage Fraud?
In addition to income or asset falsification, there are several other forms of mortgage fraud.
Identity theft can lead to mortgage fraud when a buyer, using stolen identification or related papers (such as a pay stub, etc.), represents themselves as another individual in order to gain approval for a loan that they otherwise may not have qualified for. As two crimes at once, identity theft involving mortgage fraud can lead to serious charges if you are found guilty of the offense.
In terms of mortgage fraud committed by industry professionals, air loans are the most common example. An air loan situation occurs when a group of financial institution insiders collude to produce a fake loan disbursal for a real estate transaction that does not exist. This may involve creating false mailboxes and addresses, doctored or prepared correspondence and other corroborating bits of evidence supplied to a lender in order to secure a loan.
Mortgage fraud is usually broken down into two categories: fraud for profit and fraud for housing.
Who Investigates Mortgage Fraud?
While the FBI typically investigates high-profile mortgage fraud (prioritizing fraud for profit over fraud for housing) via the deployment of financial crimes task forces, other law enforcement agencies may also find themselves involved in investigating white-collar crimes such as mortgage fraud.
What Is the Penalty for Mortgage Fraud?
Mortgage fraud is not specifically an offense at the federal level, but other forms of fraud such as mail fraud, wire fraud and bank fraud allow for a maximum sentence of up to 30 years jail time if you are found guilty of the offense.
Mortgage fraud can also be prosecuted at the state level. Typical punishments range from five to 20 years imprisonment, depending on the sum being fraudulently stolen or misappropriated. In some states, mortgage fraud amounting to less than $100,000 is categorized as a third-degree felony with a maximum sentence of five years imprisonment for those convicted of the crime. If, however, you are convicted of mortgage fraud amounting to over $100,000, you could face a second-degree felony charge with a maximum prison sentence of 15 years.
Monetary fines, damages and restitution are also commonly part of the penalties for committing mortgage loan fraud. In some instances, double or triple damages can be awarded by judges presiding over such cases.
As with all felonies, a conviction in response to charges related to mortgage fraud will likely result in a permanent criminal record if you do not have one already.
Can You Go to Jail for Mortgage Fraud in Alabama?
It is likely that you will serve a jail or prison sentence if you are convicted of charges connected to mortgage fraud. Mortgage fraud and related fraud charges are almost always classified as felonies rather than as misdemeanors.
If you are facing charges related to mortgage fraud, it is important to secure the services of a criminal defense attorney familiar with white-collar crime cases. Not only does retaining legal counsel significantly increase your chances of negotiating a favorable plea bargain (and of mounting a successful defense in court, resulting in an acquittal if the case goes to trial) but an experienced attorney can help you to navigate the charges against you, giving you options as to how best to proceed and hopefully avoid incarceration.
Have You Been Charged With Criminal Mortgage Loan Fraud?
Mortgage loan fraud charges come along with some serious consequences including hefty fines and serious jail time. If you are facing such charges, now is the time to contact a criminal mortgage loan fraud attorney so you can receive the legal advice you need.