attorney who handles mortgage fraud homebuyer

The Attorney General’s Professional Licensing & Homeowner Protection Unit works to protect homeowners from mortgage fraud and predatory lending.

Full Answer

What is mortgage fraud, and how is it prosecuted?

Aug 13, 2014 · Talk to our mortgage attorney today if you think you are facing a mortgage fraud or wrongful foreclosure. We can help you sue mortgage lenders for mortgage fraud and stop the wrongful foreclosure! Call us today, our mortage fraud lawyers can save your home. The consultation is free (818) 254-8413

How to catch mortgage fraud?

If civil mortgage loan fraud accusations have been brought against you, hire a civil mortgage loan fraud attorney as soon as possible. Even if you work for a company that is hiring representation, it may be a good idea to retain your own counsel as well to protect your own rights above those of your company or employer.

Can I sue the mortgage company for fraud?

If you have been charged with mortgage fraud, you need an experienced and aggressive advocate on your side. To speak with an attorney at Oberheiden, P.C., call 866-603-4540 or request your free case evaluation today.

What is considered mortgage fraud?

Mortgage Fraud. The Attorney General’s Professional Licensing & Homeowner Protection Unit works to protect homeowners from mortgage fraud and predatory lending. The Unit files civil court actions against individuals and companies committing deceptive and fraudulent business practices as mortgage brokers, foreclosure consultants, credit services organizations, and …

Who oversees and investigates mortgage fraud?

The FBI seeks to maximize its impact on the mortgage fraud and financial institution fraud as a whole thorough collaboration. For example, the Bureau operates Financial Crimes Task Forces within several field offices throughout the country that act as force multipliers in addressing large scale financial fraud schemes.

Who is involved in mortgage fraud?

When looking at fraud for profit, it's important to note that it can be committed by any professional involved in the loan transaction, from the real estate agent to the appraiser, the mortgage banker and beyond.Feb 27, 2022

How do I report mortgage fraud?

You must make a report to the National Crime Agency if you suspect a mortgage has been obtained fraudulently, although you'll have to consider whether legal professional privilege prevents you from making a disclosure.Oct 21, 2019

Is mortgage fraud a criminal Offence?

Mortgage fraud is generally defined as when an individual, or a number of individuals, defraud a financial institution or private lender through the mortgage process. This is a criminal offence and can carry with it a prison sentence.

What is red flag in mortgage?

Red Flag #1: When they offer you a rate that's lower than the APR. When a mortgage's APR is much higher than the actual rate, it means that the fees are a lot higher, too - and you'll be paying them over the life of your loan. A low rate might be enticing, but you have to consider the long-term cost.

What is an illegal mortgage?

Put simply, mortgage fraud can occur under Penal Code 487 when someone makes false statements or promises to either a buyer or seller with intent to mislead them, such as lying about ownership or concealing defects.

Can you report mortgage fraud anonymously?

You can report mortgage fraud to them by calling 202-324-3000 or by using their website at https://tips.fbi.gov. Other federal agencies also investigate mortgage fraud but the FBI is generally the best place to start.

Should I Hire a Civil Mortgage Loan Fraud Attorney?

Civil mortgage loan fraud occurs when an applicant for a mortgage loan misrepresents their ability to repay said loan, or when the lending company makes a loan that they can reasonably see the borrower will not be able to repay according to the terms of the loan.

What Do Civil Mortgage Loan Fraud Attorneys Do?

If civil mortgage loan fraud accusations have been brought against you, hire a civil mortgage loan fraud attorney as soon as possible. Even if you work for a company that is hiring representation, it may be a good idea to retain your own counsel as well to protect your own rights above those of your company or employer.

What are the three forms of mortgage fraud?

Federal investigators and prosecutors focus on three main forms of mortgage fraud: appraisal fraud, income fraud, and fraudulent disclosures:

What is the FERA Act?

When it was enacted in 2009, the Fraud Enforcement and Recovery Act (FERA) extended the reach of previously-enacted fraud statut es to specifically cover frauds perpetrated against mortgage lenders. Prior to FERA, fraud statutes covered “financial institutions,” but this term excluded non-depository institutions such as mortgage lenders. Following the mortgage crisis and the rise of mortgage fraud in the 2000s, the federal government used FERA as an opportunity to crack down on fraudulent mortgage practices and scams.

What to do if you have poor credit?

People With Poor Credit: Those who have poor credit are a frequent target of underhanded brokers. If you are looking for a mortgage or for a loan modification, bring a qualified mortgage modification attorney on board to ensure you aren't duped out of a substantial amount of money.

Can people be taken for a ride by unscrupulous lenders?

People from all walks of life can be taken for a ride by an unscrupulous lender. Here are a few groups of people who commonly attract fraudulent interest rate and real estate-related loan scenarios:

Can elderly people get scammed?

Prior to engaging in any type of real estate transaction, elderly persons are advised to seek the assistance of a licensed mortgage fraud attorney. Going it alone is a surefire way to get scammed during a real estate transaction.

Mortgage Attorneys

If you are the victim of mortgage fraud, are looking for a loan modification, are facing foreclosure, or are having any other mortgage related problems than it is important that you seek out a very aggressive and experienced attorney who has a track record for settling these types of cases and ensuring that their clients get a fair deal.

Reasons You May Need a Mortgage Lawyer

One of the most common reasons individuals will need a mortgage lawyer is unfortunately mortgage fraud, and its not just shifty land owners who do this, banks, lenders, and mortgage companies have all been guilty in recent years, and on a massive scale. Fortunately new and existing laws can help home owners get back any money they have lost.

How much did mortgage loan fraud increase in 2005?

SARs pertaining to mortgage loan fraud increased by 1,411 percent between 1997 and 2005. This report filing trend continues apace in 2006, with 7,093 reports filed on suspected mortgage loan fraud during the first quarter, an increase of 35 percent over the SAR filings in the first quarter of 2005. One explanation for the increase in SARs reporting mortgage loan fraud is increased awareness of the potential for fraud in a dynamic real estate market. Many areas in the United States saw double-digit growth in real estate values during 2003 and 2004. At the same time, mortgage loan interest rates were at a historic low. Although growth in the housing industry appears to be slowing in the first quarter of 2006, opportunities for fraud are still present.

How much did house prices increase in 2005?

7 However, in the first quarter of 2005, the national average percentage increase was 12.5 percent. Many U.S. coastal states saw housing prices increase by as much as 20 percent or more during 2004.

What is mortgage fraud?

It is crime characterized by some type of material misstatement, misrepresentation, or omission in relation to a mortgage loan which is then relied upon by a lender. A lie that influences a bank’s decision—about whether, for example, to approve a loan, accept a reduced payoff amount, or agree to certain repayment terms—is mortgage fraud. The FBI and other entities charged with investigating mortgage fraud, particularly in the wake of the housing market collapse, have broadened the definition to include frauds targeting distressed homeowners.

What are the two areas of mortgage fraud?

There are two distinct areas of mortgage fraud—fraud for profit and fraud for housing . Fraud for profit: Those who commit this type of mortgage fraud are often industry insiders using their specialized knowledge or authority to commit or facilitate the fraud.

What is the FBI's role in banking?

The FBI is committed to aggressively pursuing those who endanger the stability of our banking system and the safety of assets and personal information the public has entrusted to its care. In financial institution fraud (FIF) investigations, the Bureau continues to concentrate its efforts on organized criminal groups that prey on banks ...

What is FIF fraud?

Financial institution fraud (FIF) is the class of criminal schemes targeting traditional retail banks, credit unions, and other federally-insured financial institutions. Many FIF schemes involve the compromise of customers’ accounts or personal identifying information (PII); when identities are stolen, both the financial institution ...

What makes flipping a house illegal?

What makes property flipping illegal is the fraudulent appraisal information or false information provided during the transactions.

What is silent second mortgage?

Silent second: The buyer of a property borrows the down payment from the seller through the issuance of a non-disclosed second mortgage. The primary lender believes the borrower has invested his own money in the down payment, when in fact, it is borrowed.

What is a HECM loan?

Home equity conversion mortgage (HECM): A HECM is a reverse mortgage loan product insured by the Federal Housing Administration to borrowers who are 62 years or older, own their own property (or have a small mortgage balance), occupy the property as their primary residence, and participate in HECM counseling .