New Jersey Mortgage Fraud Defense Attorneys
Criminal fraud in the housing industry was a seldom spoken or thought about topic until the housing bubble burst in 2007. Since then, The United States Department of Justice has been pursuing alleged incidents of mortgage fraud with more aggression than ever before. The penalties for mortgage fraud can be very severe and result in lengthy prison term. If you are facing New Jersey mortgage fraud accusations you need a skilled New Jersey white collar law firm staffed with experienced mortgage fraud attorneys. If you are looking for an experienced white collar firm because you are facing mortgage fraud charges contact The Blanch Law Firm today.
What is Mortgage Fraud
There are two types of mortgage fraud; mortgage fraud for profit and mortgage fraud for housing. Mortgage fraud for profit is usually done by industry insiders like brokers, or lawyers. Mortgage fraud for housing is usually done by those who wish to obtain housing but commit the fraud because they would not be able to secure the necessary loan otherwise. Of the two, mortgage fraud for profit is the one that faces the most serious prosecution. Activities that may be alleged to be illegal and result in an indictment for industry based mortgage fraud include but are not limited to:
Fraudulent Appraisals: Is when the value of a property is inflated above its actual value.
Straw Buyer: A person who purchases a property in order to conceal the true owner.
Identity Theft: When an identity that was supposed to be stolen was used to purchase a property or secure a loan.
Equity Skimming: The use of corporate shell companies, identity theft, the threat of bankruptcy or foreclosure to mislead homeowners and investors in order to garner commission on the sale of a property.
Property Flipping: The use of straw buyers and fraudulent appraisals as well as questionable loaning practices to sell a property.
Shot gunning: When multiple loans that exceed the real value of the property are obtained simultaneously.
Penalties
While there is no specific anti-mortgage fraud statute in either New Jersey State or Federal Court, prosecutors will rely on other criminal statutes to obtain a conviction for mortgage fraud. It is not uncommon to find any one of this incomplete list of possible criminal charges on an indictment for mortgage fraud:
The penalties for these charges are very severe and can result in serious monetary penalties as well as jail sentences of over 20 years in jail. The current economic change affecting this country has led to an increased public empathy for those who are considered to be victims of mortgage fraud. This has led prosecutors abandoning the “wrist slap” method of punishing those convicted of mortgage fraud and pursuing the maximum sentences possible for defendants facing mortgage fraud. Recent events suggest a trend to running sentences concurrently (one after the other) instead of consecutively (all sentences served at once). This has resulted in criminal sentences over 100 years for those convicted of serious white collar crimes such as mortgage fraud.
Aside from the threat of serious criminal penalties, asset forfeiture is something that those accused of mortgage fraud can also face. The properties that were involved in the alleged mortgage fraud will be seized as well as any bank accounts held by the mortgage firm or officers of the firm. For mortgage brokers and those involved in the housing industry asset forfeiture can have as seemingly serious consequences in the short term as threat of criminal penalties. If you are facing the threat of asset forfeiture as a result of alleged acts of mortgage fraud, contact the mortgage fraud attorneys at The Blanch Law Firm immediately and see what your options are.
The Blanch Law Firm Can Help
Being sentenced to a term of over 100 years in jail is the same as condemning someone to die in jail. While some may believe that these penalties are far too severe for those accused of a crime that doesn’t involve killing or causing someone serious bodily harm, the sentences are nonetheless in accordance with the current sentencing guidelines. The biggest mistake that any criminal defendant can make is not thinking that the right lawyer will get them the best result possible. If you are facing serious mortgage fraud charges and you are at a loss about what your options are, contact the mortgage fraud attorneys at The Blanch Law Firm today and being the fight to restore your rights.