Nevada | Mortgage Fraud

STARLAW.US

Mortgage fraud is a type of fraud that most people know very little about. There are a lot of complicated parts that can come with this type of fraud and it can include both the borrowers and the lenders in this transaction. It is estimated that 10 percent of the mortgage applications in this country have intentional or mistaken omissions. If you can prove that the omission was false, such as misspelling your name because you were in a hurry, mortgage fraud can usually go away. But if others feel that you put in financial information falsely in order to get the loan, such as saying you make more each year than you do or hiding some of your debt, you could face some of the harsher penalties that come with this.

If you are facing mortgage fraud, it is important to get someone on your side. A good criminal defense lawyer will ensure that you are getting a fair trial and can work with you to prove that the omission was a mistake, rather than one that was intentional, so you can get your penalties dropped.

Borrower Fraud

First, let’s look at when the borrower is the one to commit the fraud. When you want to go and buy a home, you will commonly go and apply for the mortgage to pay for this home. You submit your application to a lender of choice, filling in all the information. You are expected to fill out the information correctly, but if you knowingly put false information down, or hide information that could affect the decision of the mortgage lender, you are committing mortgage fraud. While this is sometimes known as fraud for housing since you are looking to obtain a home rather than make a profit, but it still has some serious consequences.

Professional Fraud

It is possible for the lender to commit a fraud on mortgage. This is usually done if the mortgage lender is trying to make some kind of profit from this transaction. This will have multiple people working together and could have your real estate agent and different accountants working with the mortgage company to make a profit. The home buyer is not involved and could pay high fees and extra money to make the others more of a profit.

First and Multiple Offenses

It is possible that you just commit one type of mortgage fraud. If you knowingly hide the real amount of money that you make, you are just committing a single case. On the other hand, if you are doing multiple acts of this fraud, there is usually going to be several who are collaborating to get the mortgage. Mortgage flipping, not to be confused with house flipping, can be a fraud where one person takes out the mortgage for a low priced home and then has an appraiser come and value the house at more than it is worth. The owner makes a huge profit and the appraiser will get some of these profits as well.

One thing to keep in mind with this kind of fraud is that the omissions need to be intentional. If you accidentally forgot to put a 0 on the application for your income and then corrected it before the closing date, you are not going to commit this kind of fraud. Accidents happen and mortgage fraud is just for those who are trying to seriously game the system. If you are being charged with mortgage fraud, make sure to contact a great criminal defense team who will be able to prove that you did not intentionally leave out this information and could give you a better deal on your case.

Lawyers Directory

Churchill County, Nevada, Clark County, Nevada, Douglas County, Nevada, Elko County, Nevada, Esmeralda County, Nevada, Eureka County, Nevada, Humboldt County, Nevada, Lander County, Nevada, Lincoln County, Nevada, Lyon County, Nevada, Mineral County, Nevada, Nye County, Nevada, Pershing County, Nevada, Storey County, Nevada, Washoe County, Nevada, White Pine County, Nevada, Consolidated Municipality of Carson City, Nevada.