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Posted by Karren Kenney | Feb 17, 2016 | 0 Comments
Do you know who you're dealing with at the financial institution? If you're entering into an agreement with a business partner to obtain funding, do you know that your partner is moving forward honestly with the deal? For that matter, are the employees at the bank aware of all the regulations that could potentially trap someone with charges of fraud?
Has this already happened to you?
Even though mortgage fraud offenders can face as much as 30 years in prison and a $1 million fine, it does not serve as enough of a deterrent. Lenders face even harsher penalties, but the allure of big profits made from a cheap loan keeps mortgage fraud crime humming along.
The other aspect of this crime that keeps it so pervasive is how easy it is to commit. The numerous types of mortgage fraud can include employment fraud, income fraud, or occupancy fraud to name a few.
Misrepresentation on an application can be something as simple as an incorrect name used for a borrower or a former landlord. You could also commit this white-collar crime by misrepresenting information about occupancy time frame, income, employment, debt, ownership of assts, citizenship status or an incorrect address history.
A LexisNexis report from 2012 showed some type of application error is evident in 69 percent of applications investigated. Of all loans originated in 2012, 61 percent revealed some sort of misrepresentation. It doesn't take much to find yourself the target of a mortgage fraud investigation.
Protecting yourself
Make sure you understand everything you are signing.
Always get referrals, from trusted colleagues, before working with any real estate agent or mortgage lender.
Understand all the terms before signing anything. Read everything and then read it again. Despite what the bank may be saying, you do not need to rush into any deal.
Review all documents after completion to be sure the information you provide is accurate.
Don't let anyone talk you into exaggeration or inflating numbers.
Sadly, no amount due diligence can prevent everyone from being accused of fraud. When this happens in California, make Orange County fraud defense lawyer Karren Kenney your first call. You do not need to cave to pressure from a giant mortgage company or pay unnecessary fines. Call (855) 505-5588 or contact us online for a free consultation.
