NYC Mortgage Fraud Lawyer
Mortgage Fraud Lawyer in New York
Federal “mortgage fraud” refers to a wide range of fraudulent acts or schemes in which individuals or commercial entities use false pretenses, information, or documentation in connection with mortgage loans for financial benefit. Although there is no specific crime in the federal code known as “mortgage fraud,” conduct constituting mortgage fraud is typically charged as bank fraud, conspiracy to commit bank fraud, mail or wire fraud, and money laundering. Ever since the housing crash of 2008, the federal government — and in particular the Federal Bureau of Investigation — has made the investigation and prosecution of mortgage fraud a top priority. The FBI has almost 100 mortgage fraud task forces and working groups around the United States and estimates that more than $10 billion dollars are lost to this brand of financial fraud. These charges are especially serious with the recent attention the FBI has dedicated towards it, if you’re facing these types of fraud charges, contact an experienced NYC mortgage fraud lawyer to represent you.
If you or a loved one is under federal investigation and facing mortgage fraud charges in New York, you should be worried. The potential punishment for this crime is up to 30 years in federal prison, and will certainly involve significant fines, restitution, and forfeiture of proceeds as well. To ensure that you are well represented to fight these charges, contact NYC mortgage fraud lawyer Fred Sosinsky today. Fred has been representing men and women caught up in federal investigations and prosecutions of mortgage-related fraud for more than three decades. Over that time, he has assisted a wide swath of real estate professionals including mortgage bankers and brokers, real estate agents, appraisers, and attorneys who found themselves in the crosshairs of the federal government. Fred has also represented home purchasers who, through the machinations of others, also were under federal scrutiny. Fred will do for you what he has done for every one of his clients in the past — obtain the best result possible, including avoidance or dismissal of charges or a minimal sentence.
What Are Mortgage Fraud Charges In New York?
Mortgage fraud is characterized by a material misstatement, misrepresentation, or omission relating to a mortgage loan which is relied upon by the lender in deciding upon the approval and/or terms of the loan or its satisfaction. Any deliberate lie or fraudulent information or document which could be expected to impact upon a lender’s decision will constitute mortgage fraud — although the fraud will be charged as a violation of the bank fraud, mail, or wire fraud statutes.
Federal investigators divide mortgage fraud into two distinct types: mortgage fraud committed for-profit and mortgage fraud committed for the purpose of acquiring housing. As to mortgage fraud for profit, this typically will involve real estate professionals misusing the mortgage lending process to steal cash and equity from lenders and homeowners. Most often, it involves schemes in which bank officers, appraisers, mortgage brokers, real estate lawyers, and others are involved. Mortgage fraud for housing typically occurs when a borrower commits one or more fraudulent acts in order to acquire or to maintain ownership of a home. This may involve misrepresentations regarding assets, income, sources of down payment, or employment.
The following are some examples of conduct that may constitute mortgage fraud: mortgage application fraud; employment fraud; mortgage occupancy fraud; foreclosure fraud (foreclosure rescue schemes, equity stripping schemes, title fraud); illegal property flipping schemes; builder bailout schemes; mortgage broker fraud schemes; reverse mortgage fraud schemes; straw buyer fraud schemes; appraisal fraud scheme; commercial loan schemes.
Sentencing for Mortgage Fraud
As noted, because mortgage fraud is but a species of bank fraud, that statute — along with any other that the person was also convicted of violating — will determine the sentence imposed. For bank fraud, the maximum sentence is thirty (30) years in federal prison. However, like all federal felonies, the sentencing court will have to consider the advisory United States Sentencing Guidelines in order to arrive at an appropriate sentence. In cases involving fraud, the primary driver of the guideline sentence suggested will be the amount of “loss” caused to the lender as a result of the defendant’s fraudulent activity. Also to be considered as factors under the guidelines are such things as the number of victims, whether sophisticated means were used to commit the crime, whether the defendant held a position of skill or trust, his or her role in the overall offense, and other factors. The court will then consider all mitigating evidence presented by counsel, including letters from friends and family, concerning the defendant’s background and character in settling upon a just sentence.
There Are Defenses to Mortgage Fraud In New York
In order for the government to gain a conviction for mortgage fraud, they must prove beyond a reasonable doubt that the accused knowingly made false representations or engaged in a scheme to defraud the lending institution. If, after investigation, the defense is able to raise serious questions about the accused’s intent. Where documents were prepared by others and were not properly reviewed by the accused, this may also support a defense of lack of awareness of or intent to commit fraud. Luckily a New York mortgage fraud attorney will be able to meticulously lay out the best plan of defense for your specific scenario.
Speak With An NYC Mortgage Fraud Lawyer Today
If you have been contacted or arrested by federal agents for alleged mortgage fraud, you should be taking the matter very seriously. Contact NYC mortgage fraud lawyer Fred Sosinsky now for a free consultation. With more than 30 years of experience fighting these cases, you can be sure that you are incapable hands. Call Fred now.