Mortgage fraud is generally defined as schemes defined to defraud a federally insured lending institution (i.e., a bank).
Types
- Home buyers putting inflated income information on a loan application in order to get approved
- Real estate developers providing deceptive information to banks in order to qualify buyers
- Mortgage brokers providing false information in order to get a better loan for their clients
- Real estate agents paying the down payment on a property without letting the bank know
- Loans obtained with false information or identities
- Foreclosure exploitation
- Predatory lending
Persons may be charged with serious felonies in either federal or state court and face substantial prison time, restitution and fines. The law here is complex, so if you have been charged with mortgage fraud it is essential that you seek out an attorney who is knowledgeable of real estate law in California.
