Chicago mortgage fraud defense attorney
Providing effective & personalized legal solutions in Illinois
Mortgage fraud typically means intentionally lying, omitting, or confusing important information during the mortgage application and approval process. This complex federal crime involves both mortgage lenders and borrowers as well as other parties who may benefit from a sale or transaction of a home or building.
At the law office of Stephen F. Hall, we can protect your rights and freedoms throughout the legal process. If you are currently under investigation, our Chicago mortgage fraud defense lawyer can take prompt action to help you avoid being charged. Do not hesitate to let us fight for you immediately.
Federal mortgage fraud laws & penalties
There are two types of mortgage fraud: borrower fraud and professional fraud.
These crimes can occur through a single act or multiple actions. When a person applies for a mortgage to purchase a home, they must submit an application to a lender, providing accurate financial information. Intentionally omitting important information, making incorrect statements, or misrepresenting important information are common examples of borrower fraud.
By contrast, professional mortgage fraud often involves schedule with multiple partners (e.g. Real estate agents, mortgage brokers, builders, investment bankers, etc.) to make money from a transaction. “Flipping” Is a common example of professional mortgage fraud.
If mortgage fraud involves less than $1000, it is generally a misdemeanor offense. However, mortgage fraud involving more than $1000 is a federal crime, punishable by a maximum prison term of 30 years and fines of up to $1 million.
Ready to help you immediately
Simply making an honest mistake on your mortgage application or unknowingly being involved in a defrauding scheme does not warrant federal charges. If you end up being charged, we are not afraid to take your case to trial in order to get the best possible outcome.