Mortgage fraud investigations have been on the rise in Ohio in addition to the rest of the country as the result of the real estate market’s collapse. New transactions, as well as old ones, have been under close scrutiny as many business deals have been fraudulent.
Mortgage fraud is a complicated, serious criminal offense that can occur during almost every step of a real estate transaction. Oftentimes, individuals facing these charges are unaware that they have participated in illegal activity.
Mortgage fraud is defined as intentionally misrepresenting or omitting information on a mortgage application. Mortgage fraud can also happen within lending houses who submit false information or alter documentation for the purpose of ensuring that applications are processed.
Mortgage fraud can be broken down into a wide range of particular types and schemes and a Cincinnati mortgage fraud lawyer can help you determine the difference.
Examples of mortgage fraud include:
- False or exaggerated appraisals
- Occupancy fraud
- False loan applications
- False identities
- Cash-back schemes
- Fraudulent supporting documentation
- Straw buyers
- Equity skimming
- Property flipping
If you are convicted of mortgage fraud, the resulting criminal charge, prison sentence and fines that you may face are dependent upon the particular facts and circumstances of your case.