Federal Mortgage Fraud Violations
Federal Mortgage Fraud violations occur when someone engages in fraud by misusing the housing market/sales system. There are two primary categories which constitute mortgage fraud violations. These are…
- Fraud for Housing – This happens when someone seeks a mortgage and provides inaccurate, incomplete, or intentionally false information in order to secure a loan or better loan terms. Although strictly criminal, this form of mortgage fraud is seldom treated as criminal except in some states and rarely by the Federal government.
- Fraud for Profit – The U.S. mortgage industry is complex and offers many opportunities for fraud to occur. When professionals take advantage and commit mortgage fraud, it generally involves parties in other states. The interstate nature of the fraud makes the charges Federal. Also, the fraud could involve Federal agencies or property, which would also send the charges into the Federal jurisdiction.
What are the Penalties if Convicted of Federal Mortgage Fraud?
If convicted of Federal mortgage fraud, the penalties can be severe. These are
- Prison – Misdemeanor can receive up to one year in jail whereas felony fraud convictions can result in up to 30 years in a Federal Penitentiary.
- Fines – up to $1 million per count
- Restitution – no limit
- Probation – Probation sometimes does occur in the event of a conviction and when it does, the term is generally a year or more.
In addition to these, civil penalties/lawsuits will likely result in substantial penalization. There is no limit to the monetary damages which may be rendered in the case of a civil lawsuit, especially if you lose your criminal case. For this reason, you need an attorney with experience in both Federal Mortgage Fraud criminal charges as well as civil litigation defense. You need Jason Korner.