Progressively, state and federal officers are pursuing the banking and investment industry in investigations linking allegations of mortgage fraud. Throughout the flourishing of the subprime mortgage market, doubtful endorsing strategies and lending authorization practices led to individuals being eligible for advances they would not be able to pay back. State and federal investigators continue reviewing loan applications and endorsing processes used by banks and mortgage firms.
St. Petersburg Mortgage Fraud Lawyer
Defense attorney Melinda Morris will work with forensic accountants, certified public accountants, and investigators in order to assemble proof to challenge the prosecution’s hearing against our client. The Morris Law Firm, P.A. has valuable resources that are needed to defend underwriting decisions. If you are currently involved in a mortgage fraud case and you are subject to investigation, contact The Morris Law Firm, P.A. today and schedule an appointment to discuss your case.
Prosecutions for real estate/mortgage fraud in Florida have escalated lately because of the increasing foreclosure rates. No law exists that makes it a crime to partake in real estate/mortgage fraud, so State and Federal prosecutors use postal fraud, wire fraud, money laundering, and bank fraud laws to charge persons who purportedly partake in these criminal acts.
Mortgage fraud is not defined per se; however, common types of mortgage and/or real estate fraud schemes typically fall into some of the following areas:
- Property flipping
- Equity skimming
- Nominee loans/straw buyers
- Foreclosure schemes
- Inflated appraisals
- False and/or misrepresented loan documentation
- Accepting kickbacks
- Using false or stolen identity
Property flipping is a common scheme, that occurs when a purchaser or set of investors rapidly buy property and obtain a misleading overestimated assessment value for the assets, preceding to rapidly sell the property for a momentous profit. While it is vital to note that not all “property flipping” situations are white collar crime or unlawful, the situation becomes illegal when falsified appraisal documents are rendered. Usually, this scheme involves kickbacks to title companies, stockholders, stockbrokers, and appraisers.
A shareholder might use a straw buyer, untrue income documentation, and fabricated consumer credit reports to gain a mortgage loan in the straw buyer’s alias. Subsequent to concluding the process, the straw buyer signs the property over to the investor in a quit claim deed which renounces all rights to the assets and provides no security to title. The investor doesn’t generate any mortgage payments and leases the property until it is foreclosed, usually months later.
Accused of Committing Mortgage Lending Fraud
The Morris Law Firm advises and defends clients in cases involving the following accusations:
- Underwriting irregularities
- Over-reporting income or assets
- Inflated or questionable appraisals of property
- Failure to accurately indicate primary and secondary residence
- Falsifying loan application information
Mortgage fraud penalties differ by the conditions. Sentences may be enhanced depending on:
- Prior charges for fraud and other offenses
- Nominal amount of loss or anticipated loss
- Fiduciary; position of trust
- The number of victims
- The complexity required to carry out the fraud
- Leading a conspiracy of five or more individuals
Who is held accountable for dishonest data on loan applications?
Investigators are not continuously as conscientious as they ought to be in defining who is eventually accountable for submitting fabricated data on a mortgage loan claim. If a borrower intentionally misquotes properties or revenue, an investigation should be re-directed to the individual or parties guilty for obliging fraudulent activities. Attorney Melinda Morris works with esteemed forensic accountants and detectives to collect data on borrowers. Throughout the investigation, we can request borrowers and other spectators to uncover the source of fraudulent and falsified loan applications.
Contact the Morris Law Firm, P.A. | Mortgage Loan Fraud Attorney
We recognize the methodology of how federal investigators and prosecutors ploy mortgage lending fraud cases. We understand how to mediate early on in an investigation to safeguard our client’s civil rights and if at all possible we direct the focus of an investigation to another source.
If you need information regarding our practice and the way we are able to assist you, contact us today.
Conclusion: White-Collar Crime | Mortgage Fraud
Morris Law Firm, P.A. represents clients as the white collar crime attorney / white collar crime lawyer throughout Pinellas County and the entire Tampa Bay, FL area (St. Petersburg, Tampa, Hillsborough, Pasco, Manatee, Sarasota). Mortgage fraud takes place in various forms. These types of charges are very severe. The involvement of the state government and possibly the FBI makes it even harder to follow without a guide. Attorney Melinda Morris has years of practical and functional knowledge when it comes to white-collar crimes, such as mortgage fraud in St. Petersburg, Clearwater, and Pinellas County.
If you are facing charges related to mortgage fraud, an attorney will help you obtain the best possible outcome. Contact St. Petersburg’s white-collar attorney for more information about your mortgage fraud case throughout the Tampa Bay area including Tampa, St. Petersburg, Bartow, New Port Richey, Dade City, Plant City, including the counties of Hillsborough, Pasco, and Pinellas or surrounding areas. Contact Attorney Melinda Morris with The Morris Law Firm, P.A. at (727) 592-5885 to get assistance with your legal needs related to mortgage fraud.