Lenders, borrowers, investors, or other parties may be charged with fraud for various dishonest statements or actions during the mortgage lending process. Because instances of this particular type of white-collar crime have dramatically increased in recent years, the state of Florida has more aggressively investigated and prosecuted alleged offenders in these cases.
People facing these charges not only face lengthy terms of incarceration, but also several thousands of dollars in fines. Additionally, alleged offenders can be ordered to pay restitution that may be hundreds of thousands of dollars.
If you are under investigation for or have been charged with any kind of fraud relating to the mortgage lending process, having knowledgeable legal representation can help you achieve the most favorable possible outcome to your case. Meltzer & Bell, P.A. works tirelessly to get these charges reduced or dismissed for people in Wellington, Royal Palm Beach, Riviera Beach, Palm Beach Gardens, Lake Worth, as well as other surrounding communities.
Our Palm Beach County mortgage fraud attorneys have experience on both sides of the aisle, so we not only understand the legal strategies of prosecutors but the best ways to attack them as well. You can have our firm review your own case by calling (561) 557-8686 today to schedule a free, confidential consultation.
Under Florida Statute § 817.545, the term mortgage lending process is defined as the process through which a person seeks or obtains a residential mortgage loan. This includes, but is not limited to, the solicitation, application or origination, negotiation of terms, third-party provider services, underwriting, signing and closing, and funding of the loan.
Documents that may be involved in the mortgage lending process include, but are not limited to:
Specific examples of the offense listed under the statute include an alleged offender knowingly and with the intent to defraud doing any of the following:
It should be noted that omissions on a loan application regarding employment, income, or assets for a loan which does not require this information are not considered material omissions.
There are several different kinds of mortgage or real estate fraud schemes that result in these criminal charges. Some of the most common alleged plots include, but are not limited to:
A person who commits any of the examples of mortgage lending process fraud listed can be charged with a third-degree felony. However, if the loan value stated on documents used in the mortgage lending process exceeds $100,000, then this can be a second-degree felony.
If convicted, an alleged offender faces the following possible sentences:
Additionally, a person convicted of this offense could also be ordered to pay restitution to the alleged victims.
Have you been charged with or are you being investigated for alleged fraud in the mortgage lending process? You should immediately get yourself legal counsel who will fight to protect your rights.
Meltzer & Bell, P.A. represents clients in Jupiter, Greenacres, Delray Beach, Boynton Beach, Boca Raton, and many other areas of South Florida. Our West Palm Beach mortgage fraud attorneys will provide a thorough evaluation of your case when you call (561) 557-8686 right now to set up a free, no obligation consultation.