Los Angeles Mortgage Fraud Attorney
Mortgage Fraud Lawyer in Los Angeles
At the Hedding Law Firm, we understand that sometimes good people are put in bad situations. California has been one of the most hardest-hit states in the real estate market meltdown because of overinflated home values over the years. In response, the state enacted a bill that requires that lenders contact already stressed out homeowners about their intent to foreclosure 30 days before filing a Notice of Default. Thus, much of California's mortgage fraud has been caused by either applicants or brokers lying on mortgage applications.
Mortgage fraud and foreclosure fraud scams occurs when someone knowingly and intentionally misrepresents information in the attempt to obtain a mortgage.
It can carry a wide range of penalties depending on the value of the mortgage fraudulently obtained as well as the number of actual incidents involved.
Possible Penalties include jail time, probation, large fines and fees, restitution, and forfeiture of property.
Mortgage fraud has several different components to it and the prosecutor has to prove that the misrepresentation was done intentionally and knowingly for illegal personal gain.
Although there are different types of mortgage fraud schemes, there are really two different types of mortgage fraud. Traditional mortgage frauds involve defrauding the lender, such as trying to obtain a loan one cannot legitimately qualify for. Other mortgage frauds target consumers, such as foreclosure prevention or loan modification scams in which one tries to defraud homeowners who are in financial trouble.
In California, the penalties are quite severe. Fines range anywhere from $100,000-$250,000; jail time anywhere from 12-78 months; probation up to 30 years.
There are different parts of the mortgage fraud investigation an aggressive and experienced defense attorney can challenge. At Hedding Law Firm, a Los Angeles federal crime attorney has the experience and the skill to effectively fight a mortgage fraud case.
Contact a Los Angeles mortgage fraud lawyer at our law firm today and let us fight for you.