Mortgage Fraud Lawyer New Jersey

Did you know that mortgage fraud is a federal crime? This means extensive fines, a great amount of federal prison time, and other life-changing consequences. If you or someone you know is being accused of committing fraud, you need to reach out to a mortgage fraud lawyer in New Jersey from Lorraine Gauli-Rufo, Esq. & Associates right away. The FBI has cracked down on mortgage fraud and will want to prosecute to the fullest extent if they catch someone committing it. An experienced lawyer will know a good defense to use in court and any loopholes to use in order to help protect your freedoms if you are charged with this. 

What Is Mortgage Fraud? 

Mortgage fraud is a very broad thing, as there are many different ways someone may be accused of committing it. One of the most common ways a person commits mortgage fraud is by falsifying the amount a person needs to pay on a mortgage or loan and trying to gain a profit from some kind of real estate deal. The best defense for this kind of crime is often that it was a complete accident, but an experienced mortgage fraud lawyer who knows the United States laws on this will be able to help you walk through it and offer the greatest chance at freedom after going through the court process. 

Proving Intent 

Often, one of the most difficult things to prove in a case like this is intent. A person needs to have knowingly committed fraud for it to be considered a federal offense. You need to speak with a mortgage fraud lawyer before talking to anyone else about your case, as you do not want to be tricked into admitting intent. The prosecuting lawyers will know how to be sneaky about getting answers out of people, so it is crucial to have someone on your side who will have your best interest at heart and know how to communicate what really happened to a court of law. 

Contact Us Today

Do not hesitate to reach out. Set up a consultation with one of our mortgage fraud lawyers today to speak with him or her about your case. We can then set you up for success by coming up with a solid defense and collecting evidence to bolster your case. Contact Lorraine Gauli-Rufo, Esq. & Associates today to learn more. 

What Are the Different Types of Mortgage Fraud?

There are several types of mortgage fraud you should know about, including:

  • Equity skimming. Equity skimming occurs when an investor gains title to someone else’s home, refinances the home and then takes all the equity from the home. Signs of equity skimming include purchasing a home without looking at the property and not putting any money down on a property.
  • Property flipping. Property flipping becomes illegal when a house is purchased below the market price and then sold for profit.
  • Foreclosure scams. In foreclosure scams, people who are about to lose their homes put their house in the name of a third-party investor. Then, the investor sells the home using a fraudulent appraisal, ultimately stealing the proceeds.
  • Inflated appraisals. This type of mortgage fraud occurs when an appraiser inflates the value of a home to increase the buying price and get a higher commission.
Why Do People Commit Mortgage Fraud?

Committing mortgage fraud comes with serious consequences, but some people still choose to go through with it. Industry professionals, for example, may commit mortgage fraud for their own financial gain. Borrowers, on the other hand, may commit mortgage fraud if they do not think they will be approved for their loan using honest information. Instead, they may lie about their income, assets and debt to improve their chances of getting approved for a loan.

What Are the Penalties for Mortgage Fraud?

Mortgage fraud is usually considered a felony offense and comes with stiff penalties, including heavy fines, prison time and probation. Perpetrators may also be required to pay back the money they stole from their victims.

What Should I Do If I Have Been Accused of Mortgage Fraud?

If you have recently been accused of mortgage fraud, you may understandably feel shocked and scared. One of the most important steps you can take right now is consult a qualified mortgage fraud lawyer in New Jersey. A lawyer can review your case and advise you the best way to proceed. If there is little evidence against you, your lawyer may try to negotiate with the prosecutor to reduce or dismiss your charges. To get the most out of these legal services, it is important to be completely honest with your lawyer about your case. Your lawyer is there to help you, not judge you.