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FROM OUR BLOG

MORTGAGE FRAUD ATTORNEY IN ARIZONA

If you are one of the many people in Arizona charged with mortgage fraud, call experienced Mortgage Fraud Attorney Ashley D. Adams. According to the FBI, mortgage fraud is one of the fastest growing white collar crimes in the United States. Criminal investigations into mortgage fraud allegations are particularly common is states most impacted by the real estate crisis of the last several years. A criminal action can be initiated whenever a prosecuting agent believes that a mortgage loan has been obtained by way of false information or concealment of material information. Because of the housing crisis, law enforcement officials have increased their mortgage fraud investigations and arrests. Convictions can result in prison sentences as long as 40 years. 

If you are being investigated or have been arrested for mortgage fraud, it is essential that you retain an experienced mortgage fraud attorney as soon as possible. Investigations are lengthy and complex and each step of the process should be handled by a knowledgeable white collar criminal defense lawyer. Even if you have not been arrested but fear that you may be the subject of an investigation, contact Attorney Ashley D. Adams for a free, no-obligation and confidential consultation. 

WHAT IS MORTGAGE FRAUD?

Mortgage fraud can be defined as misrepresentation with the intent to obtain a more favorable deal on a mortgage. The FBI defines mortgage fraud as “any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan.” There are two distinct areas of mortgage fraud that are investigated by the FBI:

  • Fraud for housing: This type of fraud consists of illegal actions by the borrower to acquire a home under false pretenses. Often the borrower makes misrepresentations about income or employment history in order to qualify for a loan (or for a higher loan amount). Fraud for housing is almost always charged as a misdemeanor.
  • Fraud for profit: This is sometimes referred to as “industry insider fraud.” The goal of fraud for profit is to obtain an inappropriately large loan, even though this type of mortgage often goes into default. The FBI has concentrated most of its efforts on this type of fraud because nearly 80 percent of all reported fraud losses involve collaboration or collusion by industry insiders, such as accountants, appraisers, loan officers, agents, developers, or mortgage title companies.

TYPES OF MORTGAGE FRAUD CASES OUR LAW FIRM HANDLES

Allegations of mortgage fraud can be varied, depending upon the circumstances. Our law firm handles all types of fraud cases but some of the most common include the following:

  • Equity skimming involves the use of corporate shell companies, corporate identity theft, and the use or threat of bankruptcy and foreclosure to mislead homeowners and investors.
  • Property flipping is the use of identity theft, straw borrowers, shell companies, and industry insiders to purchase properties and artificially inflate their values through false appraisals. The properties are then repurchased several times for higher prices.
  • False statements include obtaining a mortgage through misrepresentation of income, employment, residency or other loan information.
  • Appraisal fraud consists of actions involving overstatement or understatement of a property’s appraised value.
  • Fraud for profit is the use of a credit report from someone (a “straw borrower”) who allegedly purchases property in order to conceal the identity of the real purchaser.
  • Identity theft is the fraudulent use of another’s identity to obtain a mortgage without that person’s knowledge or consent.
  • Occupancy fraud occurs when a borrower fraudulently obtains a lower interest rate by misrepresenting an investment property as a primary or secondary residential purchase.
  • Shotgunning occurs when multiple loans for the same property in excess of the property’s real value are obtained simultaneously.

MORTGAGE FRAUD ATTORNEY

The rapid increase in mortgage fraud has prompted the federal government to aggressively investigate and prosecute alleged mortgage fraud schemes that can involve home buyers, investors, brokers, or other professionals in the mortgage industry. The consequences of a mortgage fraud conviction are severe. If you are being investigated, or have been charged with mortgage fraud, reach out to our office in Arizona today. Mortgage Fraud Attorney Ashley D. Adams has significant experience defending clients accused of complex white collar crimes and she will work diligently to ensure that your rights are protected.

CONTACT US

ASHLEY D. ADAMS, PLC
4301 N. 75th St., Suite 105
Scottsdale, AZ 85251

Phone: 480.219.1366
Cell: 602.524.3801
Fax: 480.219.1451

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The attorneys at Ashley Adams PLC handle federal criminal cases and state criminal cases throughout Arizona including the cities of Phoenix, Scottsdale, Glendale, Mesa, Tempe, Ahwatukee, Maricopa, Gilbert, Peoria, Surprise, Goodyear, Litchfield Park, Avondale, Chandler, Casa Grande, Florence, Queen Creek, Deer Valley, North Pinal and Sun City as well as those living in and around Maricopa County, Pinal County, Pima County, Yuma County and Yavapai County.