Mortgage Fraud Attorney in West Palm Beach
Serving Residents of Jupiter, Tequesta, Boca Raton, & Wellington
Whether you're buying your first home, refinancing or buying a second home, a mortgage is not just a matter of a little paperwork. It's a scary prospect, and many trust the agent or loan officer to ensure that all is in order. Unfortunately, unscrupulous people have taken advantage of unwary homeowners, making them unwitting accomplices in mortgage fraud. In Florida, federal law defines mortgage fraud as intentional misstatements, misrepresentations or omissions connected to a request to purchase or insure a mortgage loan on which a lender or underwriter relies. Many sources, backed by criminal defense lawyers, claim that the current economic crisis has led to an increase in mortgage fraud.
Florida federal mortgage fraud attorneys and other authorities classify the crime in two categories:
- Fraud for property: Minor misrepresentations by the applicant who wishes to buy a home and intends to repay the loan.
- Fraud for profit: The acquisition of many loans loaded with false information and related scams, designed to get illegal profits from property sales over a long period of time.