FRAUDULENT APPRAISALS AND MORTGAGE SCAMS
After the collapse of the real estate market, many mortgage fraud cases have involved inflated appraisal of property. Appraisers are often the subject of loan fraud investigations by lenders and federal authorities. Charges against appraisers typically involve conspiracy to commit wire or bank fraud, kickbacks, overcharges, and appraisers fraudulently helping straw buyers purchase property. If you have been approached by state or federal investigators, have been charged with appraisal fraud, or have been subpoenaed to appear at a grand jury investigation, contact the Law Offices of Ashley D. Adams as soon as possible. Real estate appraisers are considered industry insiders and criminal penalties can be severe. Our experienced appraisal fraud attorneys will aggressively defend the charges against you. We also handle all types of appraiser malpractice and negligence claims. Call Ashley D. Adams today for a free case evaluation regarding inflated appraisal.
WHAT IS A FRAUDULENT OR INFLATED APPRAISAL?
Inflated Appraisal or appraisal fraud occurs when there is an intentional and material misrepresentation of the value of property. It can be an overstatement or understatement of a property’s appraised value. It generally involves outright fraud on the part of an appraiser, often in collusion with other parties (such as a loan originator paid on commission, who may pressure an appraiser to inflate the estimated property value of a piece of real estate).
TYPES OF APPRAISAL FRAUD
Charges of appraisal fraud can result from any of the following actions:
failure to consider the market values of comparable property
failure to consider outside variables in addition to market values
failure to account for the condition of the property
failure to ensure that all relevant data has been collected for use in the appraisal
failure to use standard and accepted practices of research and value assessment
Any of the above actions may allow an appraiser to manipulate or inflate the comparable locations, market values, and property characteristics. These types of falsified appraisals are sometimes charged in connection with other white collar crimes, such as bank fraud and mortgage fraud. Appraisers may also be charged with fraud if they inflated an appraisal as part of a real estate “flipping” scheme used to quickly resell the property to a straw or duped buyer for profit.
An inflated appraisal may also be the result of appraiser negligence. Unlike an intentional act of fraud, appraiser negligence occurs when an appraiser fails to exercise the degree of care and skill that an ordinary appraiser would exercise. For example, an appraiser might fail to adequately research comparables when establishing a property’s value or fail to use methods generally recognized and accepted by other appraisers. A breach of this standard of care in the appraiser’s performance may give rise to charges of professional negligence and malpractice.
ARIZONA APPRAISAL FRAUD ATTORNEY
Appraisal fraud can led to a jail sentence as well as substantial compensatory and / or punitive monetary damages. An appraiser can also lose his or her license if convicted. However, just because you have been charged or are under investigation does not mean that the allegations are correct. It is very important to challenge appraisal fraud charges as early as possible. At the Law Offices of Ashley D. Adams, our experienced white collar crimes attorneys can handle any type of appraisal fraud or malpractice claim. If you have been charged or are under investigation for appraisal fraud, call Attorney Ashley D. Adams today. We will aggressively protect your rights and provide you with the best defense available.
At Ashley D. Adams, PLC, we have a well-established track record of success that can make a difference, whether in defending charges of white collar crime, health care fraud, financial fraud, general fraud charges, other criminal or civil matters, or representing our clients during a government investigation.
Ashley D. Adams, Principal
+1 (602) 524.3801
Adams & Associates, PLC
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