Columbia Mortgage Fraud Attorney
The crime of mortgage fraud applies when either the lender or the borrower intentionally supplies false information or omits critical information for their own gain in the process of funding, insuring, or purchasing a mortgage loan, and the State of South Carolina takes the charge very seriously. If you’re facing a mortgage fraud charge, it’s time to consult with an experienced Columbia mortgage fraud attorney.
Mortgage Fraud
When a lender or borrower who is involved in the mortgage application process intentionally lies about or leaves out relevant information to make a profit, it amounts to mortgage fraud, which is generally classified as a white-collar crime.
Fraud on the Part of the Buyer
When someone purchases a home, they generally apply for a mortgage to handle the cost over time. To do so, they’re required to carefully fill out an exacting mortgage application for the lender – answering each question honestly in the process. Intentionally making misstatements or omitting critical information on a mortgage application is a form of fraud. The motivation is generally qualifying for a larger loan than the applicant otherwise would have or obtaining better terms than the applicant would otherwise be entitled to.
Fraud on the Part of the Lender
Mortgage fraud is not limited to the party obtaining the loan. Lenders can also commit this brand of fraud, and when they do, it’s often labeled as professional fraud. Mortgage fraud on the part of the lender tends to involve multiple parties who collude in cheating those seeking mortgages in order to make money for themselves.
Mortgage fraud charges are often federal, which means the fines and penalties, including prison sentences, tend to be that much harsher.
Primary Forms of Mortgage Fraud
While every mortgage fraud case is unique to the circumstances involved, many are based on schemes like the following:
- Straw buyer loans in which a front person is employed to purchase a property on behalf of an investor – who wouldn’t have qualified on their own and who likely intends to flip the property
- Silent second schemes in which a second mortgage is obtained without the primary lender’s knowledge or consent
- Inflated appraisals in which title companies, appraisers, or others artificially inflate property values in a string of transactions
- Foreclosure schemes in which parties exploit homeowners who are facing foreclosure with false promises of financial relief that are intended to defraud
A federal mortgage fraud charge can carry up to 30 years in prison and fines of up to $100,000.
An Experienced Columbia Mortgage Fraud Lawyer Can Help
Jonathan Harvey at the Law Office of Jonathan M. Harvey – proudly serving Columbia, South Carolina – is a formidable mortgage fraud attorney who dedicates his imposing practice to skillfully advocating for his clients’ rights – in fierce pursuit of optimal outcomes – and he’s on your side. For more information about what we can do to help you, please don’t put off reaching out and contacting us online or calling us at 803-779-3363 today.