Mortgage Fraud Lawyers in Orange County
The times we live in right now are tough. The economy is taking a huge hit and one of the main markets affected is the housing market. Not only are foreclosures becoming a major issue, but just simply buying or selling a home may be extremely difficult. For these reasons, mortgage fraud is on the rise. It is a federal crime that involves basically lying on a loan application by falsifying information and/or omitting information in order to obtain a loan. It is an illegal way for someone to be approved on a loan that, under normal circumstances and if the true facts were known, they would not qualify to receive. By defrauding another, someone is deliberately creating a loss to a person through the use of deceit.
If you or someone you know is being investigated for the crime of mortgage fraud, please contact an Orange County mortgage fraud attorney at Coffey & Coffey today.
Federal law does not have a statute in place for mortgage fraud. However, they will still prosecute it by tying in another federal crime such as conspiracy, bank fraud, identity theft, wire fraud, mail fraud and any other theft crime that may be involved or coincide with the crime of mortgage fraud. If convicted, a court can enforce jail or prison time, fines, community service, probation and parole. It is very important that you retain the services of an attorney at the very beginning of any type of investigation. A knowledgeable Orange County lawyer at Coffey & Coffey can challenge the charges that you may face so that it may be possible to avoid having to ever set foot in court. A qualified attorney from our firm will always make sure that your legal rights are not violated by over-zealous prosecutors and law enforcement officials.
Orange County Mortgage Fraud Crimes
The following are examples of mortgage fraud:
This involves defrauding banks out of large sums of money for self profit. It is a crime committed typically by a group of individuals or mortgage lender professionals. A loan is obtained under fake documentation and then once the money is obtained the individuals split the money and disappear leaving an unsuspecting investor with having to payback money on a home that is nowhere worth the money borrowed.
This crime occurs when a borrower wants to obtain a property for investment purposes, but then lies on the loan in order to be approved for a lower interest rate.
When someone overstates their income on a loan it is income fraud. Sometimes people go as far as to falsify tax returns, bank records and pay stubs.
When a borrower lies about their occupation by stating they are higher up in a company then they really are, or by creating a fake company that they own and/or work for that does not exist.
- Failure to Disclose Liabilities
A borrower hides debt or other financial obligations in order to fit into the: “debt-to-income ratio” which is always looked at by lenders before approving a loan. By not disclosing liabilities it can help a person qualify for a loan, or a larger loan.
This occurs when an appraiser overstates or understates a home’s worth.
This crime coincides with appraisal fraud. It is basically a “get rich quick” scheme in which borrowers and/or others illegally inflate the value of a home in order to obtain cash back and pocket the money.
When multiple loans are obtained that far exceed the value of the home, this is “shotgunning.” It makes it impossible for a lender to recover the lost funds even through foreclosure on a home.
A person steals someone else’s identity and uses it on a mortgage loan in order to be approved on a loan or to receive better interest rates.
Orange County Theft Crimes Attorneys in California
In 2008, the FBI (Federal Bureau of Investigation) has increased the amount of agents they have assigned to mortgage fraud cases by over 50%. It has become one of the fastest-growing white collar crimes in the United States, with California being the state where mortgage fraud is committed the most. Not only are borrowers themselves committing this crime, but loan officers, real estate agents, appraisers, title or escrow representatives, and attorneys are also involved with deceiving others through mortgage fraud.
If you are being investigated for, charged with or have already been arrested for mortgage fraud or any other theft crime, please contact an Orange County mortgage fraud attorney at our firm today. The Orange County mortgage fraud Lawyers at Coffey & Coffey provide our clients with excellent professional skill and personal attention to each case. We have many years of legal experience and have obtained many wins for our clients throughout Orange County including Newport Beach, Fullerton, Westminster, Laguna Nigel or Santa Ana, California.
Accused of mortgage fraud in California? Contact us today!