What is Mortgage Fraud?
Mortgage fraud is a white-collar crime that occurs when a person deceives lenders or underwriters for financial gain. It’s normally charged when borrowers or brokers misrepresent essential facts to obtain a mortgage loan, but it can also involve unlawful attempts to purchase or insure mortgages.
If you’ve been charged with mortgage fraud in Greenville, you need a white-collar defense attorney from Ryan Beasley Law.
Common Examples of Mortgage Fraud in Greenville
Both mortgage brokers and borrowers can be charged with fraud in South Carolina. In fact, mortgage fraud is prevalent among mortgage professionals because many work on commission. They don’t get paid unless the mortgage goes through, so they have more incentive to provide lenders with false information. Brokers, loan officers, and appraisers might all face mortgage fraud allegations related to certain suspicious transactions. Further, borrowers might be guilty of fraud if they obtained a mortgage based on knowingly false financial information.
Contact a mortgage fraud defense attorney immediately if Greenville prosecutors allege, you’re guilty of the following:
- Appraisal Fraud: Involves incentivizing appraisers, generally financially or through personal relationships, to incorrectly estimate the property’s value to obtain a more favorable loan.
- Income/Asset Fraud: A common type of mortgage fraud occurs when borrowers misrepresent their employment, income, assets, or property value to obtain a loan, even if they fully intend to pay the mortgage.
- Professional Mortgage Fraud: Occurs when brokers, loan officers, or appraisers manipulate loan documents – often part of a larger scheme – to increase commissions and steal money.
- Occupancy Fraud: It’s illegal to obtain a mortgage by claiming that you will occupy a property that you’re purchasing for investment purposes.
- Straw Buyer Schemes/Identity Fraud: This occurs when you use someone else’s identity, credit, or income information – even with permission – to obtain a mortgage.
- Concealment Fraud: You may not hide a second mortgage from a primary lender.
Consequences of mortgage fraud convictions in Greenville might include asset forfeiture to pay back the lender, fines, jail time, and significant harm to your credit score. You could be charged with mortgage fraud even if you had every intent to responsibly pay back the mortgage or help an otherwise unqualified borrower. If you’ve been charged with mortgage fraud in South Carolina, retain a qualified financial crimes defense lawyer immediately to mitigate these consequences.
Defenses to South Carolina Mortgage Fraud Claims
The penalties associated with mortgage fraud in Greenville vary depending on intent. If you had no intent to defraud the lender and your financial circumstances changed after obtaining a loan, an experienced white-collar defense lawyer might get the charges dismissed. Additionally, showing the court that you had no intent to steal from the lender – simply obtain the mortgage itself – might result in a more favorable sentencing order or plea deal. Working with a dedicated mortgage fraud defense lawyer could significantly reduce the penalties associated with this white-collar crime, including protecting you from serving jail time.
Contact an Experienced Greenville White-Collar Defense Attorney
Mortgage fraud is a serious federal offense requiring an experienced Greenville financial crimes defense lawyer. If you’ve been charged with falsely obtaining a mortgage or providing fraudulent home loans in South Carolina, call 864-756-4204 or contact us online to discuss obtaining the best possible outcome in your case.