Jacksonville White Collar Crimes
Mortgage fraud
The term "mortgage fraud" covers a variety of actions performed intentionally to omit or misrepresent information on a mortgage loan application for the purpose of obtaining approval for a loan, or for a loan larger than one for which the borrower could qualify.
Kinds of mortgage fraud
While it may appear that mortgage fraud charges are simple, they can quickly become very complex, because there are many variations on mortgage fraud crimes, including the following:
- Equity skimming: This is a common foreclosure scam in which one person buys property from another under the terms of an existing mortgage that is in default. Once the buyer takes title to the property, he or she typically makes money off of the property in a number of ways, including obtaining home equity loans and by renting the property. The new buyer does not make mortgage payments, forecloses on the property, and the original property owner is left with no property and a foreclosure.
- Property flipping: Before the recent downturn in the housing market, a common practice involved buying homes in need of repairs for low cost, improving the properties, and then selling them for profit. This practice is not normally illegal—until the flipper sells the property using fraudulent schemes. These schemes involve making only cosmetic changes to the property, often hiding serious unrepaired flaws. The flippers generally collude with real estate appraisers to support the inflated sale price. In the end, the buyer has to spend thousands of extra dollars to make the home livable, and often cannot even afford to stay in the home.
- Mortgage related identity theft: This crime has become a multi-million dollar business throughout the country, focused on homeowners and the elderly. Criminals have found ways to obtain mortgages on the homes of others. Under this scheme, the thieves take the mortgage money and then have the homeowners evicted. Interestingly, although the homeowners experience difficult times, they are not required to repay the lost funds, nor do they lose their homes. Since the money is actually stolen from the mortgage lenders, they are the actual victims of this crime.
Many people under investigation for mortgage fraud have done nothing wrong. As white collar criminal attorneys, we can protect the innocent when a solid defense is presented during the investigative phase or in court. But, without an experienced white collar criminal lawyer in Jacksonville, blameless individuals can become victims by paying for crimes they did not commit. Jacksonville white collar crime prosecutions are more and more frequent in these troubled times.
Contact us
If you are being investigated or have been charged with allegedly committing mortgage fraud, you need an experienced criminal defense lawyer to represent you and protect your rights—immediately. Fallgatter Farmand & Catlin has extensive experience in federal as well as state criminal cases, along with years of federal prosecutor experience. We understand the intricate investigation strategies used by federal agencies to indict and attempt to see convicted those accused of white-collar crime.
Contact us online, or call our office today at (904) 353-5800, and we will arrange a consultation at no cost or obligation to discuss your concerns.
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