Mortgage fraud is an extremely risky business. Because it involves both real estate and criminal law, when mortgage fraud occurs, it can result in criminal or civil consequences. Some of the penalties are as severe as five years in prison and serious fines. If you believe mortgage fraud has occurred in your case, because the consequences are so serious, you need to contact an attorney immediately.
At Dever Legal Services, we understand the severity of mortgage fraud. Our experienced attorneys have the experience and knowledge to handle the complexity of these cases. We have the creativity to assert an up-to-date legal defense on your behalf. Attorney Dever will fight aggressively for your best interests in court. Located in West Chester, we serve clients throughout the Cincinnati area and southwest Ohio.
Loan Fraud and False Statements
Mortgage fraud is a complicated issue because it can take many forms:
- Contract kiting: This is a type of fraudulent transaction that occurs when two or more contracts for sale are used in the same transaction. In cases like this, one contract is the true agreement and the other contract is often used to fraudulently obtain a larger loan. It is fraudulent when there is any contract or agreement that is not disclosed to the lender.
- Silent second mortgage: This happens when a seller acts as a bank and carries a fraudulent "silent second" mortgage for the buyer. It is "silent" because the buyer does not inform the lender of the additional financing they received. The buyer invests the money as a down payment to dupe the lender but never pays the seller back for the second mortgage. Ultimately, this results in the seller forgiving the second mortgage to get out from under the house. It is fraudulent because it increases the lender's risk by lowering the equity in the home.
- False statements: You are the individual that signs documentation when it comes to loans. Even though you may not have filled out the information, you are responsible to ensure that the information listed is accurate. False statements may involve: misrepresenting a down payment, inflating your income, borrowing money to increase your bank account to qualify for a loan, any misrepresentation of liabilities or assets or inflating the price on the contract to get a loan.
Contact a Mortgage Fraud Attorney
If you are searching for a lawyer who understands the severity of mortgage fraud, contact Dever Legal Services by calling 877-464-LAWS/877-464-5297
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
