5th Feb 2019
Two Florida men were recently sentenced to federal prison after pleading guilty in a mortgage fraud conspiracy that netted approximately $5.8 million in total losses to mortgage lenders. Despite the high amount involved, both men received sentences of less than 3 and a half years. When charged with a serious crime, it is best to consult with an experienced South Florida criminal defense attorney who can explore options for minimizing the sentence. A South Florida criminal defense attorney can examine the nature of the charges against a person and possible defenses to the charges.
Court documents alleged that the two men fraudulently sold units in a Tampa condo complex by offering to pay buyers cash to incentivize them to purchase the units. Additionally, they allegedly made false statements on loan documents and HUD-1 settlement statements to induce mortgage lenders to approve loans for buyers who were not actually qualified for them. One of the men also transferred funds received from the condo developer to buyers to pay for the down payment or for the closing process. One of the men was a loan officer who signed fraudulent loan applications that contained fake details about income, source of funds, assets and occupancy. One man was sentenced to 18 months while the other was sentenced to 37 months.
Mortgage fraud can be committed by lenders or borrowers. Borrower fraud usually involves lies or omissions in loan applications. Professional fraud is committed when someone in the lending process commits fraud to profit from it. Various professionals can commit this form of fraud, including bankers, credit agencies, builders, accountants, attorneys and real estate agents.
If you are being charged with mortgage fraud, the consequences can be significant. It is important that you reach out to an experienced criminal defense lawyer for assistance.