Champaign County Mortgage Fraud Lawyer
Since the subprime crisis of 2009, the government has aggressively turned its attention to mortgage fraud. There is now a widespread commitment to crack down on individuals and institutions which submit false information on mortgage applications or otherwise facilitate fraud in mortgage lending.
Patel Law, PC is the law firm to contact if you are accused of mortgage fraud. Many individuals working for banks and mortgage lenders get caught up in criminal investigations, and they don’t know what they have done wrong. If you call, one of our Champaign County mortgage fraud lawyers can meet to review what you know about the accusations leveled against you. Then we can get started pulling together a defense.
Mortgage Fraud Carries Steep Penalties
Any false information on a mortgage application can lead to fraud charges. This might include inflating the value of the home, lying about your income or debts, or misusing mortgage funds. Mortgage fraud charges can be brought against:
- Home buyers for making false statements related to employment, income, or debts or for failing to disclose required information.
- Mortgage brokers for predatory lending practices.
- Real estate agents for falsifying information or inflating the value of a piece of property.
- Appraisers for issuing false appraisals as part of a scheme to commit mortgage fraud.
In Illinois, 720 ILCS 5/17-10.6 applies to many instances of mortgage fraud. The penalties you face will depend on the value of the money obtained fraudulently:
- Less than $500, Class A misdemeanor
- $501 to $10,000: Class 3 felony
- $10,001 to $100,000: Class 2 felony
- $100,001 to $500,000: Class 1 felony
- $500,001 to $1 million: Class 1 felony without probation
- Over $1 million: Class X felony
A conviction or a Class A misdemeanor can see you put in jail for up to a year, along with two years of probation and a fine. A Class X felony could land you in prison for up to 30 years.
No one should face time behind bars for making a simple mistake. Fraud cases require a showing of intent to deceive or defraud, and we can make the case that any inaccurate information was innocent or unintentional. The sooner we can get started documenting your case, the better.
We also recommend that those suspected of mortgage fraud not answer police questions. It is too easy to slip up and say something you don’t mean, which can result in a quick conviction.
Fight Back Against Mortgage Fraud Allegations in Champaign County
Every week, overzealous prosecutors bring charges based on weak evidence. Many mortgage fraud schemes employ dozens if not hundreds of people. Many innocent people on the edge are dragged before judges when they had no idea that they were furthering illegal activity. We can push back and present your side of the story. We have successfully gotten charges reduced or dismissed. In any event, we can represent you in court before a judge and jury, having tried hundreds of cases collectively.
For help, contact our Champaign County, Illinois mortgage fraud lawyer for a free consultation.