Illinois Mortgage Fraud Attorney
White Collar Crime Defense Lawyer Serving Those Charged with Mortgage Fraud
Mortgage fraud white collar crimes are more prevalent than ever, threatening homeowners, businesses and the national economy. Generally speaking, mortgage fraud is the intentional enticement of a financial entity to make, buy or insure a mortgage loan when correct information to the financial entity would not have had the same outcome. Fraudulent appraisals, fraudulent loan documents and inflation of the buyer’s income are all facets of mortgage fraud. Mortgage fraud charges are extremely serious and may be investigated by the FBI. As a matter of law, it is illegal for any person to make an untrue statement regarding income, assets, debt or matters of identification as well as to willfully overvalue land or property in a credit application. Mortgage fraud is generally perpetrated for profit or for housing.
If you have been charged with mortgage fraud, you need an attorney who will give your charges the serious weight they deserve. The Law Offices of Matthew R. Gebhardt, P.C. understands your charges are serious and understands you are likely feeling anxious and fearful about the potential outcome of the charges. Early intervention can be extremely helpful, allowing your attorney to quickly begin building a defense on your behalf, perhaps even having the charges dismissed entirely. As a former Cook County prosecutor, our Lake County, Illinois mortgage fraud lawyer can see your charges from both sides, giving you a decided advantage during negotiations or during your trial.
“Typical” Mortgage Fraud Schemes in Illinois
There are a number of mortgage fraud schemes you could be charged with such as:
- Illegally flipping property—purchasing the property, submitting false information for the appraisal, then selling quickly;
- Customizing income to meet loan criteria;
- Concealing your identity when borrowing money by using another person’s name and credit information on the application;
- Borrowing your down payment through an undisclosed second mortgage;
- Borrowing money with a non-existent underlying security; and
- Fraudulently convincing persons on the edge of foreclosure to transfer their deed to you.
Whether you are accused of lying on a loan application, falsely inflating an appraisal or creating a fictitious property, you need the services of a highly experienced Skokie mortgage fraud lawyer. There are no federal mortgage fraud statutes as such, therefore many federal prosecutors use other criminal statutes to prosecute mortgage fraud. These statutes include mail and wire fraud, bank fraud and money laundering.
Penalties for Mortgage Fraud
Mortgage fraud can involve crimes at the state or federal level, and the penalties associated with the crime differ widely. If only a small amount of money is involved, the crime may be charged as a misdemeanor, however mortgage fraud is generally charged as a felony offense. Federal prison sentences can be as much as thirty years, while state convictions can last a few years. Fines can range from a few thousand dollars to as much as $1 million. Restitution is usually an element of punishment for a mortgage fraud conviction. You could be sentenced to probation for a year or longer, during which you will be required to meet all court requirements.
How a Mortgage Fraud Attorney Can Help
Attorney Matthew R. Gebhardt provides the same level of experience and knowledge commonly found in much larger practices along with the ability to relate to jurors and provide professional criminal representation. Whether you knowingly perpetrated the crime of mortgage fraud or were unaware you were committing a crime, the government will prosecute you with equal zeal. Even though the crime of mortgage fraud is a non-violent one, the sentencing can be unduly harsh. Not only could you face severe penalties from the court in the event of a conviction, you could suffer financially and socially, altering your future for many years to come. Attorney Gebhardt understands the many complexities associated with mortgage fraud charges and will work hard to secure a dismissal or acquittal. Contact Matthew R. Gebhardt at 773-383-8745 or 847-239-4703 today.