Virginia Federal Mortgage Fraud Lawyer

When the nation’s mortgage crisis led to the bankruptcy of lenders and staggering numbers of home foreclosures, the federal government began to crack down on mortgage fraud and began prosecuting these cases with renewed fervor. An allegation of deceptive practices in relation to a mortgage is a serious accusation. However, finding a Virginia federal mortgage fraud lawyer is the first step in defending your rights and investing in your future.

To begin building a defense for your case, call a Virginia federal fraud lawyer today.

Contacting A Mortgage Fraud Attorney

Whether you have been charged with mortgage fraud or suspect that you may be under investigation by federal authorities, calling an experienced attorney as soon as possible is an extremely prudent move. Most people facing these sorts of charges aren’t aware that they may be facing:

  • Aggressive federal prosecutors
  • Investigative agencies with the power to seize financial documents and information
  • A lengthy case process that can drag on for a long time
  • The potential for extremely high fines and even imprisonment

Fortunately, our Virginia federal mortgage fraud attorneys understand what it takes to square off against federal prosecutors and develop a personalized defense strategy that meets your needs. Contact our VA law offices today to learn more.

Understanding Mortgage Fraud

Mortgage fraud involves any act of concealment, deception, falsification, or misrepresentation in order to either secure a home loan for a greater amount than a buyer would qualify (“for housing” mortgage fraud) or to manipulate sales and lending (“for profit” mortgage fraud).

An example of mortgage fraud for housing would be when a buyer inflates his or her income or assets, or conceals debt and liabilities, so that he or she qualifies for a larger mortgage loan than accurate statements would allow him or her to receive. Generally, a person who commits “for housing” fraud intends to repay the loan in full. However, even without the intent to default on the loan, it is a federal offense to make false declarations or statements in applying for a loan.

A common “for profit” mortgage scheme involves industry professionals who secure an inflated appraisal of a home to flip a property or to secure a larger loan than the property is worth.

Use of straw buyers, offering buyer kickbacks through inflated property values, and obtaining multiple loans for the same property are other examples of mortgage fraud that may warrant the attention of a Virginia federal mortgage fraud lawyer.

Federal Laws Related to Mortgage Fraud

The United States Code lists no statute specifically pertaining to mortgage fraud. However, there are many federal laws under which mortgage fraud may be prosecuted:

  • Mail fraud (18 U.S.Code § 1341)
  • Wire fraud (18 U.S.Code § 1343)
  • Bank fraud (18 U.S.Code § 1344)
  • Conspiracy or attempt to commit fraud (18 U.S.Code § 1349)

The penalties for violating federal laws related to mortgage fraud depend upon the specific statute under which the defendant is charged. Bank fraud, one of the most common statutes used in prosecuting mortgage fraud cases, carries a maximum sentence of 30 years in prison and a fine of $1,000,000.

The penalties for conspiracy to commit fraud or attempt to defraud are the same as those for the underlying offense; in other words, conspiracy to commit bank fraud is punishable by up to 30 years in prison, just as it would be if the conspirators were actually successful defrauding the bank.

Virginia Federal Defense: Mortgage Fraud

Whether you are a home buyer accused of misrepresentation in securing a home loan, or whether you are an industry professional accused of deceptive practices related to mortgages, the consequences of conviction are serious.

Call today to find a federal mortgage fraud lawyer in Virginia. Our Virginia federal mortgage fraud attorneys are familiar with the federal court system and knowledgeable of the fraud laws found in the United States Code.