Schenectady, New York Real Estate Fraud Attorney
Typically, mortgage fraud cases involve an accusation of making false statements or falsifying financial information to obtain a home mortgage. In some cases, however, people who work for lending companies are arrested for making fraudulent statements or engaging in unscrupulous lending.
If you have been charged with mortgage fraud or another fraud-related offense, the experienced New York Mortgage Fraud Lawyers at our firm can help. At the Law Office of Mark J. Sacco, PLLC, we offer aggressive and experienced representation on behalf of clients throughout New York who are facing mortgage fraud charges.
Our attorneys have extensive experience with the representation of clients charged with crimes involving allegations of financial fraud. These cases are complex and require the attention of an experienced attorney who will give your case the time, dedication and consideration it requires.
Our attorneys strongly believe that every defendant deserves a vigorous defense. We prepare for each case as if it may go to trial and perform a thorough investigation of the facts to determine the best possible approach to each client’s defense. Our meticulous and painstaking effort to understand the details of each case is a distinct advantage for the people we represent. If you are facing mortgage fraud charges or another financial fraud charge, contact our New York law office to learn more about your rights and options.
What Constitutes “Residential Mortgage Fraud” in New York City?
Under New York law, a person applying for a residential home mortgage cannot intentionally deceive a lender or underwriter by providing materially false information or by concealing information relating to any material fact. The most common mortgage scams in New York City, Brooklyn or any of the Five Boroughs, involve:
- Lying about your income and misrepresenting your assets to secure a higher loan amount from an underwriter or lender.
- Hiding debt and/or lying about credit scores in order to gain approval for a home loan.
- Misrepresenting employment history on a loan application in order to qualify for a home loan.
- Lying about the number of expected occupants to get a more favorable interest rate.
- Failing to disclose the existence of a “silent second mortgage” on the property. A lender has a legal right to know if the homebuyer has borrowed part or all of the down payment from the seller.
- Falsifying documents in order to sell a property at an inflated value. In these cases, the homebuyer colludes with an appraiser to falsely appraise the property and then quickly flips it or refinances it.
- Using a straw buyer: A homebuyer with poor credit may use the financial information of another person to obtain the loan.
- Identity theft: A homebuyer may attempt to use a stolen identity when applying for a home loan.
- Shotgunning: The homebuyer simultaneously applies for multiple loans with different lenders in order to finance the same property.
- Obtaining home mortgage loans for fictitious properties.
What are the Penalties for NYC Residential Mortgage Fraud?
The penalties for residential mortgage fraud in New York City, Brooklyn, The Bronx or any of the surrounding communities, vary depending on the amount of the proceeds. For example, if you receive proceeds in excess of $3,000, you could be charged with third degree residential mortgage fraud (a class D felony) and sentenced to as many as seven years in New York State Prison.
Contact the Law Office of Mark J. Sacco, PLLC
To schedule a free consultation with a criminal defense lawyer at our firm, contact our law office in Schenectady, New York, or Albany, New York, by calling 518-759-0129. You may also contact us online.