Miami Mortgage Fraud Attorney
Defending against White-Collar Criminal Charges
Mortgage fraud is a crime where the offender intends to materially misrepresent or omit information on a mortgage loan application to obtain a larger loan as compared to what would have been legitimately obtained had the lender known the truth about the applicant's situation. In U.S. federal courts, mortgage fraud can be prosecuted as bank fraud, mail fraud, money laundering, and wire fraud.
If you are facing charges for any of these types of white-collar crimes, you can count on The Law Offices of Joel DeFabio to represent you effectively. Our mortgage fraud attorney in Miami has decades of experience to put to work for you.
Types of Mortgage Fraud
Some of the common forms of mortgage fraud include occupancy fraud and income fraud.
In occupancy fraud, the borrower wishes to obtain a mortgage on an investment property, but instead of stating that fact, they falsely claim that they will be occupying the property as their primary residence or as a second home. Since investment properties have higher delinquency rates, lenders charge higher rates for non-owner-occupied homes; therefore, this is one of the more common forms of mortgage fraud and abuse.
With income fraud, the borrower overstates his or her income to qualify for a larger loan. This is typically seen with "stated income" mortgage loans where either the borrower or the loan officer overstated the income needed for loan approval. Since today's lenders no longer offer stated income loans, income fraud in the modern sense occurs where borrowers alter or forge W-2 forms, tax returns, or bank account records.
Other forms of mortgage fraud include:
- Employment fraud, where a borrower claims self-employment with a non-existent company or claims to be in a higher position in a real company
- Failure to disclose liabilities
- Fraud for profit
- Appraisal fraud
- Cash-back schemes
- Identity theft
Mortgage Fraud Penalties in Florida
Mortgage fraud can be perpetuated by the borrower, the loan officer who originates the mortgage, a real estate agent, an appraiser, a title or escrow agent, or any combination thereof. What's more, stakeholders may actively encourage and assist borrowers in committing fraud since most participants are compensated when the transaction closes.
Mortgage fraud is investigated by the Federal Bureau of Investigation and is punishable by up to 30 years in federal prison, a $1,000,000 fine, or both.
Contact a Miami Mortgage Fraud Lawyer
According to the FBI, it is against the law for any person to make false statements regarding income, assets, debt, or identification, or to intentionally overvalue land or property in a loan application to influence any financial institution.
If you are facing any federal charges related to mortgage fraud, you are urged to The Law Offices of Joel DeFabio for an immediate and aggressive federal criminal defense. We are here for you and ready to fight for you.
Call (305) 851-5581 now to get started on your case.
Joel was especially great. I was able to meet with him when I needed to and he called me all the time to give me an update. Really professional lawyer and team.- Emilia
I was represented by Mr. Joel DeFabio, and I am very satisfied with the courtesy and professionalism he provided. He is a very sensitive, clever and resourceful attorney. The staff is excellent as well. I am glad I found them. Excellent team in general, I highly recommend them.- Hilario
It was a pleasure working with Mr. DeFabio and his legal team. Remarkable work ethic and superior legal knowledge. It was a very pleasant experience having them on my team.- Former Client
CHARGES DISMISSED Aggravated Identity Theft
CHARGES DISMISSED Assault of a Federal Officer
ALL CHARGES WERE DISMISSED Charged with refusing to comply
NOT GUILTY Conspiracy
CHARGES DISMISSED Conspiracy to Commit Bank Fraud
NO JAIL Conspiracy to Commit Fraud