Securing a mortgage is often one of the biggest financial burdens an individual faces. In order to find relief, some people resort to mortgage fraud. Mortgage fraud is any act of misrepresenting or omitting information on a mortgage loan application in order to get a loan. If you are charged with mortgage fraud in the state of Minnesota, you need an experienced attorney to help build your defense.
Understanding Mortgage Fraud Charges
Any false statement on a mortgage application is a crime, and can lead to mortgage fraud charges. Common false statements people make on their loan application include:
- Withholding information regarding debt;
- Inflating income or other assets;
- Omitting information regarding previous foreclosures; and
- Providing false information about previous residency or employment history.
Some people may intentionally make these false claims in order to secure a larger loan, or a better interest rate. In other cases, an individual may think these false claims are necessary to get a loan at all. This type of intentional mortgage fraud can be charged as a federal crime, which can result in a long prison sentence and/or large fines.
In the most extreme cases, a mortgage fraud conviction can result in up to 30 years in prison and fines over $100,000. You may also be required to pay restitution to cover the value of any money or property you defrauded.
You can also be charged with mortgage fraud even if you accidentally omitted certain information. Many people do not realize that providing inaccurate information on a mortgage application is such a serious crime. When an honest mistake on your part leads to a mortgage fraud charge, a lawyer can often help you avoid punishment completely.
Mortgage Fraud Defense Lawyer
Seeking the help of a qualified mortgage fraud defense lawyer is essential as soon as you are aware of any potential charges against you. With the right lawyer, you can have your charges reduced, or even dropped. Your lawyer will help gather the evidence and build a case that will help you avoid being subject to the maximum fraud penalties.
As you might expect, a mortgage fraud conviction can have a lasting negative impact on your life. Even after you serve your prison sentence and pay your fines, you will still feel the effects of a conviction. You may never recover financially, or be unable to buy a house ever again. You may even lose your current home. In order to avoid this dismal fate, you need the best mortgage fraud defense lawyer you can find.
Always A Free Consultation
When you are up against mortgage fraud charges, our lawyers are here to help you. At the Brown Law Offices, P.A., we have the necessary experience to fight your fraud charges at the state or federal level. With our attorneys on your side, you can expect the best outcome possible. Don’t let a mortgage fraud conviction affect the rest of your life. Call us today at 763-323-6555 or complete our online form for a free consultation.