Clearwater Mortgage Fraud Attorney
Mortgage fraud, according to the Federal Bureau of Investigation (FBI), is a “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.” There are many parties that the FBI and other agencies pursue for violating mortgage law, including individual homebuyers, mortgage brokers, banks, appraisers, and attorneys. Other schemes are designed to go after homeowners who are in threat of losing their home because they have defaulted on their mortgage payments. As such, “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,” according to the FBI. As you can see, mortgage fraud is an incredibly large offense in this day and age. Even if you simply made a mistake on your loan application and did not do so knowingly to gain a profit from another, you need an experienced mortgage fraud attorney at your side immediately. Mortgage fraud is a serious felony. Contact an experienced Clearwater mortgage fraud attorneys as soon as possible for a free consultation.
Widespread Mortgage Fraud Lead to Collapse of U.S. Housing Market
The collapse of the housing market and decline of the U.S. economy was caused, in part, by mortgage fraud. The increase in subprime lending wound up causing the housing bubble to burst as millions of people failed to pay their loans. Loan delinquencies and foreclosures began occurring at an unheard of rate. The group most to blame was the lenders (or mortgage brokers), according to Business Insider. These mortgage brokers bundled incredibly risky groups of loans (subprime loans) together, all the while knowing that the homebuyers in question had poor credit history and were at a high risk of defaulting on their loans. The U.S. economy is still struggling to come back after the crash of the housing market in the late 2000s, during which millions of people lost their jobs, homes, and retirement savings. Parallelling unemployment rates is mortality rates, especially for older workers. A male worker who loses a job has an increased rate of death of 50 to 100 percent than if they had kept their job, and with every 10 percent increase in unemployment, the national suicide rate increases by 1.47 percent, which would equate to 128 more suicides every month in the U.S., according to research reported by the New York Times.
Because of the hugely damaging effects that it has caused over the past few decades, the authorities take mortgage fraud very seriously and those convicted of fraud can expect to spend time behind bars if they do not have an adequate defense strategy. Contact and experienced Clearwater mortgage fraud attorney with the law offices of Roman & Roman today at 877-767-1032. Our skilled attorneys can assist you with any charges you may be facing and provide you with a skilled defense.