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Mortgage fraud causes tremendous damage to individual homeowners and lenders as well as the broader real estate market. If you have been the victim of mortgage fraud or are accused of participating in a mortgage fraud scheme, you will likely need the services of an attorney with experience handling these complex cases.
Our Salt Lake City mortgage fraud lawyer at Ayres Law Firm can provide legal guidance to victims who have been manipulated or exploited by industry insiders. We can also defend borrowers and industry professionals in criminal cases. Our team understands how matters involving mortgage fraud are adjudicated in Utah and can work to leverage our skills, knowledge, and resources to secure a favorable outcome in your case.
Mortgage fraud refers to any situation where an individual deliberately misrepresents or omits information used to facilitate a housing loan. It can be committed by both borrowers and industry professionals, albeit typically for different reasons.
Mortgage fraud for profit involves industry insiders colluding to financially exploit lenders and/or borrowers. Examples of industry insiders include banking professionals, loan originators, real estate attorneys, mortgage brokers, and appraisers. This type of fraud aims to extract cash and equity from unsuspecting participants in the scheme.
Mortgage fraud for housing involves borrowers intentionally misrepresenting their qualifications for purchasing a home and/or their intentions for using it. Examples of this type of fraud include income fraud, where a borrower lies about the extent of their regular income, and occupancy fraud, where the borrower misrepresents how they intend to use the home.
Recognizing Signs of Mortgage Fraud as a Borrower
As a prospective homeowner, you want nothing more than for your transaction to go smoothly.
Unfortunately, unscrupulous industry professionals implement numerous types of schemes to defraud and take advantage of borrowers. In many cases, homeowners will not discover the deception until after the crime has been committed
When you suspect you may be the victim of mortgage fraud, you must take immediate steps to protect your interests. Our team can evaluate your situation and advise whether fraud may have occurred and whether you may be entitled to compensation.
Warning signs for mortgage fraud include:
- Misrepresentation of the terms of the mortgage agreement
- Misrepresentation of the property’s actual value
- Imposition of excessive and unfair financing fees
- Imposition of predatory late payment fees
- Predatory loan modification or foreclosure rescue schemes
Victims of identity theft can also become victims of mortgage fraud. Thieves may use stolen information in an effort to secure a mortgage agreement they might otherwise not qualify for. Their exploitation of your identity can result in serious financial consequences as well as significant negative impacts to your credit reports.
Tyler AyresFounding Attorney
Tyler Ayres made a name for himself as a Utah criminal defense and civil rights attorney. He fought for the rights of real people accused of crimes and hurt by the government.Whether it is in the courtroom or behind the scenes, he brings the same high level of dedication, tenacity, and competitiveness to protect real people.
Utah state law makes no distinction between those engaging in mortgage fraud for profit versus mortgage fraud for housing. Individuals accused of mortgage fraud will face second-degree felony charges if the value of the fraudulent activity is valued at $5,000 or more. Each fraudulent property transaction is considered a separate offense, meaning anyone accused of participating in a broader, ongoing scheme could face multiple felony charges.
Federal and state prosecutors will often aggressively pursue these types of cases. Our Salt Lake City mortgage fraud attorney at Ayres Law Firm has over 20 years of legal experience and can vigorously defend you when you face these serious criminal charges. We are ready and willing to take your case to trial and will leave no stone unturned when fighting for your reputation and freedom.
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