Are You Facing Federal Mortgage Fraud Charges?

 Posted on May 27, 2023 in Fraud

Mortgage fraud is a severe type of white-collar crime typically involving misrepresentation, omission, or other fraudulent activities during mortgage lending. It becomes a federal crime when such actions are set in motion and affect federally insured financial institutions. The consequences of a mortgage fraud conviction can be extremely severe, with a conviction bringing extended prison sentences and steep fines. Therefore, if you have been charged with such a crime, contacting a federal crimes defense attorney is crucial to understand your options and rights.

Essential Considerations for Federal Mortgage Fraud

Mortgage fraud becomes a federal offense when it falls under the jurisdiction of federal law. Some common examples of federal law that may be implicated in these kinds of cases include wire, mail, bank, and securities fraud. In addition, mortgage fraud that affects the government in any way, such as a VA loan or an FHA-insured loan, would also be considered a federal offense.

Federal mortgage fraud occurs when an individual or group seeks to defraud a federally insured or regulated financial institution by making false or misleading statements to obtain money or other property. This may include falsifying income, assets, or employment information, misrepresenting the purpose of a loan, or concealing debts or other financial obligations. Understanding that the federal government has significant resources dedicated to prosecuting mortgage fraud cases is essential. Because of this, mortgage fraud charges need to be taken very seriously.

What Are the Penalties for Federal Mortgage Fraud?

In general, the penalties for federal mortgage fraud are directly proportional to the amount of loss suffered by the government. A very stiff sentence for mortgage fraud may include fines of up to $1,000,000 and 30 years in prison. Furthermore, a conviction of such charges can negatively impact someone’s personal and professional life. Convicted offenders may lose their professional licenses, become virtually unemployable, and suffer serious financial harm. People who are convicted of mortgage fraud and are not U.S. citizens may face deportation as well.

Defendants in mortgage fraud cases also face the potential for civil liability. Sufferers may seek civil action against the individual or entity believed to be responsible for their loss.

Contact Chicago, IL Mortgage Fraud Defense Attorney

Generally, when the feds knock on your door, that is not a good sign. To defend yourself from the grim consequences of a conviction, contact the experienced Chicago, IL mortgage fraud defense lawyer with Law Offices of Hal M. Garfinkel LLC, Chicago Criminal Defense Attorney. Call 312-629-0669 for a free consultation.

Source - https://www.justice.gov/sites/default/files/usao/legacy/2010/05/27/usab5803.pdf