If you are facing mortgage fraud allegations, or worry about these charges surfacing, you need to understand all of your options and different factors that could play an important role in the outcome of the case. Mortgage fraud allegations can result in harsh repercussions, and you could struggle with serious court-imposed penalties as well as other consequences (such as a damaged reputation).
It is important to familiarize yourself with key terms and understand the unique details surrounding your case. When it comes to mortgage fraud, an individualized approach to your situation is essential.
What is mortgage fraud for profit?
The Federal Bureau of Investigation provides an overview of different types of mortgage fraud. Many people charged with this offense are industry insiders facing charges over alleged mortgage fraud for profit. For example, mortgage brokers, bank officers and loan originators work together to steal from homeowners or lenders.
What is mortgage fraud for housing?
Another type of mortgage fraud involves borrowers carrying out unlawful acts in order to retain their house or acquire a home. Sometimes, borrowers find themselves facing these charges over accusations that they lied about their assets or income while applying for a loan or as a result of enticing appraisers to manipulate the value of a property.
Although the FBI states that they prioritize cases involving mortgage fraud for profit, anyone facing mortgage fraud charges could have serious consequences if they cannot secure a favorable outcome in court. Make sure you thoroughly examine all of the details that surround your case and have a clear understanding of your legal rights.