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Mortgage fraud happens when somebody materially misrepresents facts on a mortgage loan application to get a loan or to increase the amount of loan. However, this type of fraud can happen in many different ways. It includes foreclosure rescue schemes, loan modification schemes, illegal property flipping, builder bailout, equity skimming, home equity conversion, mortgage and commercial real estate loans when perpetrators try to defraud people financially. Looking at the seriousness and enormity of such illegal acts, the FBI investigates them from two different angles, such as fraud for profit and for housing. According to FBI, in most of such offenses, they have found out the involvement of bank officers, appraisers, mortgage brokers, attorneys, loan originators, and other professionals engaged in the industry. Mortgage fraud for housing happens when a person tries to acquire the ownership of a house by presenting false income and asset information on a loan document. This article answers some of the frequently asked questions on these offenses and laws associated with them. How to report a mortgage fraud in California?
You can inform the office of the attorney general in your state. The address is California Office of the Attorney General, Consumer Protection, Attn: Public Inquiry Unit, P.O. Box 944255, Sacramento, CA. You should consult with a criminal lawyer on this issue. How to stop an eviction process from a property involved in a mortgage fraud?
A tenant can always consult with a criminal lawyer who could find a suitable remedy after going through all the related documents. Even, there are laws in the United States which safeguard the interest of a tenant who receives eviction notice, especially if the property is involved in mortgage fraud. Is there any legal recourse if a Illinois based mortgage company is closed due to fraud and does not pay of a mortgage?
You may retain the services of a layer who deals in real estate matters. The details of you case will determine the legal recourse you should take in a situation like this. Would it be considered a fraud if somebody is spending his elderly father’s money that is supposed to be used to pay the mortgage?
No, this could not be considered as a case of mortgage fraud. This is rather a case of elder abuse. As long as there are no misrepresentations of facts on the loan application document, no act can be considered as mortgage fraud. What is the statute of limitations in New York for mortgage fraud if a loan was processed in 2006?
For this crime, the statute of limitations in New York is six years. This means if the plaintiff fails to file a claim within these six years, the defendant can request the court to dismiss the case against him/her. Statute of limitations even varies from state to state. You can retain the services of a lawyer to have a clear idea about such issues. Issues related to mortgage fraud can leave a person perplexed about his legal rights. If you have any question on such matters, you should always ask a criminal lawyer who could assist you.
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