It's not just about inflating your income on an loan application anymore
Mortgage Fraud can take many different forms from lying on your loan application, to overstating one’s income, to failure to disclose liabilities and, even, inflating an appraisal.
In South Florida, for example, mortgage fraud has become very intricate. These crimes often involve broad conspiracies involving real estate brokers, mortgage brokers, “straw buyers” and real estate appraisers.
The Fraud Enforcement and Recovery Act
In the aftermath of the housing crash in 2008, Congress enacted the Fraud Enforcement and Recovery Act (FERA), and the FBI formed the Financial Institution Fraud Unit. This unit of the FBI investigates all types of mortgage and real estate fraud. Specifically, the FBI has been investigating real estate and mortgage insiders for overstating values of real properties and issuing loans based on false figures, predatory lending, and misrepresentation of income, assets, and employment history in order to qualify for a loan by mortgage brokers and consumers.
There is hope
If you or a loved one is arrested and charged with Federal mortgage fraud, please call our 24-hour telephone number 305-461-1066 to set up an appointment and free consultation so we can assess your particular case and provide you with the best legal advice on how to proceed.
We are solely a Criminal Defense Law Firm. That's all we do and all we have done since 1987.