Orlando Mortgage Fraud Lawyer
Mortgage fraud is the process of making false or misleading statements on a loan application for the purpose of increasing the size of a home loan. It is committed most often by industry insiders such as mortgage brokers, attorneys, bank officers, and appraisers. Another form of mortgage fraud is committed by the borrower themselves—the intent being to qualify for a large loan without having adequate income, and lying about that income, for example. If you are charged with mortgage fraud, reach out to the Orlando mortgage fraud lawyers at the O’Mara Law Group for assistance. Your case will be in good hands with our experienced team.
Mortgage Fraud is on the Rise Again
Leading up to and following the housing crisis of the mid 2000s, mortgage fraud was a serious problem. While lenders and large financial institutions caused the economic crash of 2007 and 2008, it was the average American who ended up suffering, and in some cases it was the average American who was blamed for causing the crash due to their naivety regarding subprime loans—purchasing homes despite poor credit and low income. According to the Department of Justice, industry insiders were driven by greed to close on loan agreements without thinking about the long term consequences, and convinced those who should not have been buying expensive homes to agree to ridiculous mortgage agreements. The housing crisis was caused both by ethically corrupt professionals who acted out of nearsightedness, and those who intentionally broke the law by employing “straw buyers”—borrowers who never intended to live in a home—and other illegal measures.
In the decade since, the laws have become more strict, and defendants of mortgage fraud are being made an example of. Unfortunately, financial institutions—those mostly responsible for the crash—were never penalized. Instead, average Americans are; strict mortgage fraud laws can land individuals in jail for offenses that they may have unintentionally committed. And now that mortgage fraud is on the rise, according to the Washington Post, the chances of being heavily penalized are also rising. In fact, one out of 109 mortgage applications was found to have false or misleading information, as found by real estate data firm Core Logic—this increase in fraud cases is causing courts to look increasingly down upon borrowers who may or may not have known what they were doing was wrong. Whether you work as a mortgage broker or appraiser, or you are a borrower who simply made a filing error, you need an attorney to represent you.
Types of Mortgage Fraud
Methods of mortgage fraud include, but are not limited to, the following:
- Lying on loan applications (borrower’s fraud);
- Straw buyer;
- Illegal property flipping;
- Double sales;
- Reverse mortgage fraud scheme;
- Reverse occupancy fraud scheme;
- Builder bailout;
- Buy and bail;
- Short sale flip;
- Foreclosure schemes;
- Ponzi schemes;
- Affinity fraud; and
- Short sale fraud.
An Orlando Mortgage Fraud Defense Lawyer Can Help
Mortgage fraud is a serious crime that can lead to jail time, serious fines, and loss of professional license, not to mention a ruined career and shaky financial future. Our mortgage fraud attorneys here at the O’Mara Law Group have been providing legal services to central Florida since 1982. Let us help you in this time of need. Call us today at 407-413-882 to schedule a free consultation.