Tampa Mortgage Fraud Lawyer
Buying a house is not an easy task. Banks don’t just lend to anyone, so they must go through an extensive process with applicants. Home buyers are often frustrated with the process. They make as much money as they can but often still get denied the home of their dreams.
Some people may lie about certain information in order to get their loan approved. This is called mortgage fraud. Mortgage fraud refers to the deliberate act of lying or omitting information that is used by a mortgage underwriter or lender to fund or purchase a mortgage loan. This fraud can be committed by both borrowers and mortgage lenders.
There are two main types of mortgage fraud:
- Fraud for profit. This type of fraud is typically committed by industry insiders, such as appraisers and mortgage bankers. They facilitate fraud by misusing the mortgage lending process to steal cash and equity from lenders or homeowners.
- Fraud for property. This type of fraud is typically committed by borrowers so that they can gain ownership of a property. A home buyer may lie about their income or other assets on a mortgage loan application to obtain a loan approval.
In Florida, mortgage fraud penalties are based on the dollar value of the related loans. They can include up to five years in prison and $5,000 in fines for loans less than $100,000. For loans more than $100,000, the penalties are up to 15 years in prison and $10,000 in fines.
The stakes are high. If you have been arrested for mortgage fraud, you need legal help on your side. Get solid representation from a Tampa mortgage fraud lawyer from Scriven Law, P.A.
Examples of Mortgage Fraud
Mortgage fraud may include the following:
- Income fraud. Borrowers misrepresent their income on mortgage applications to qualify for loans they wouldn’t otherwise be eligible for. This may involve providing false income documentation or inflating income figures.
- Appraisal fraud. Inflating the value of a property through manipulation of the appraisal process. This can involve collusion between appraisers and borrowers, or providing false information about the condition or features of the property.
- Identity theft. Fraudsters may use stolen identities to apply for mortgages, using someone else’s personal and financial information without their knowledge or consent.
- Straw buyer schemes. In this scheme, a “straw buyer” with good credit is used to apply for a mortgage on behalf of someone who doesn’t qualify for a loan.
- Fraudulent documentation. This involves the creation or alteration of documentation related to the mortgage application process, such as false bank statements, pay stubs, or employment verification documents.
Contact Scriven Law Today
Arrested for mortgage fraud? If so, you need an experienced criminal defense lawyer on your side who will thoroughly analyze the prosecution’s case and evidence. They will build the strongest defense to get charges reduced or dismissed.
A Tampa mortgage fraud lawyer from Scriven Law, P.A. can assist you with your case. We work closely and directly with our clients throughout their case and are always accessible and available, whether through a phone call, email, text, or in person. Schedule a consultation today by calling 813-226-8522 or filling out the online form.
