What are Some Common Defenses to Mortgage Fraud Charges?
In a recent year, there were over 57,000 reported cases of mortgage fraud. Mortgage fraud involves the fabrication of documentation or providing misleading information to a mortgage company. Although the occurrences of mortgage fraud remain low compared to other white collar crimes, each offense results in a further lack of faith in our banking system and increased financial instability.
If you have been charged with mortgage fraud, you want experienced representation. When you retain the services of the South Carolina mortgage fraud defense attorneys at Ryan Beasley Law, you are working with a team that understands the complexities of federal fraud laws. Our legal team is prepared to provide a skilled defense in the face of severe legal repercussions.
Types of Mortgage Fraud
Mortgage fraud can be divided into fraud for profit and fraud for property:
Fraud for Profit
This type of fraud occurs when real estate agents, brokers, appraisers, and other professionals in the home buying process steal funds and equity from homeowners and lenders.
Fraud for Property
Also known as fraud for housing, in this type of fraud, borrowers lie about their income or assets on a mortgage application to be approved for a mortgage. A common type of fraud for property, known as appraisal fraud, involves an individual buying or selling a home influencing an appraiser to inflate a property’s value. This may be done to secure a larger loan or to list the home at a higher price.
Defenses Against Mortgage Fraud
If you have been accused of mortgage fraud, the first step you should take is to contact Ryan Beasley Law. Based on the facts of your case, our mortgage fraud defense attorneys may employ the following defenses:
Lack of Intent
To be convicted of mortgage fraud, you must have been aware that you were deceiving a financial institution or bank. Title 18 of the United States Code §1014 requires that you knowingly make a false statement to be found guilty of mortgage fraud. If you can provide proof that your statement was made by mistake, although your loan application may be denied, you may avoid federal prosecution.
Failure to Read Miranda Rights
The police know the intricacies of the law, but that does not always mean that they abide by them. For instance, if the police intend to question a person after taking them into custody (known as “custodial interrogation”), the arrestee must be read their Miranda rights. These are the constitutional protections that protect individuals against self-incrimination while affording them the right to counsel. If you are questioned by law enforcement without first being informed of your rights, then any testimony or confession provided will likely be discarded.
Admissibility of Evidence
Documentation that is being admitted into evidence must be authenticated. Under the Federal Rules of Evidence, this involves providing sufficient proof that the item is what the party claims it to be. If a mortgage application or other loan documents have not been properly authenticated, then this information cannot be entered into evidence.
Accused of Mortgage Fraud? Contact our South Carolina Mortgage Fraud Defense Attorneys Today
A mortgage fraud conviction may result in imprisonment, hefty fines, and irreparable damage to your reputation. At Ryan Beasley Law, we have had repeated success in representing those accused of bank or mortgage fraud. Our South Carolina mortgage fraud defense lawyers believe that one transgression should not define you. We will pursue every avenue to help you maintain your freedom. To arrange your case consultation, give us a call at (864) 679-7777 or contact us online.