Under criminal law, there are two primary classifications of mortgage fraud . Fraud for profit is generally committed by industry insiders, including mortgage brokers, bank officers, and loan originators. Fraud for housing is generally committed by the borrower. In both cases, mortgage fraud involves the use of omission, misrepresentation, or material misstatement to acquire ownership of a home. Since mortgage fraud is subject to severe penalties under federal law, you’ll need the legal guidance of a defense attorney who has extensive experience with preparing a federal criminal defense near Columbus.
As your defense attorney can explain to you, there are many different ways in which mortgage fraud might be committed. It may involve false loan modifications, failure to disclose, or fraudulent broker fees. Sometimes, false home appraisals are used to fraudulently inflate the value of a property. Illegal property flipping, “air” loans with no collateral, and equity skimming with a straw buyer are other types of federal mortgage crimes that a criminal defense lawyer can handle.