The mortgage market in the United States is heavily tied into the financial market as a whole. This is why, when the mortgage market collapsed in 2008 because so many subprime borrowers were unable to pay their bills, a major recession occurred that affected every aspect of the U.S. economy.
There are both state and federal laws that aim to preserve the integrity of the mortgage market. In fact, within Nevada, there are criminal laws that impose harsh penalties for the offense of mortgage lending fraud.
If you have been accused of mortgage lending fraud, you should be aware that you’re facing a conviction that could leave you with a permanent criminal record, and that could lead to both incarceration and monetary consequences. You need to take accusations against you very seriously by finding the right Vegas defense attorney who can help you to aggressively fight charges and protect your future.
LV Criminal Defense knows the laws on mortgage lending fraud very well and we have successfully represented many defendants accused of crimes connected with mortgage loans. We know how to help you develop an effective defense strategy and we will be there with you throughout the process of responding to an investigation and fighting charges. To find out more about the ways in which we can help you, give us a call today.
Nick Wooldridge has a long track record of representing clients accused of serious federal and state crimes in Nevada.
Mortgage lending fraud is a property crime in Nevada, so the offense is defined within Chapter 205 of the penal code, which is the part of the state’s penal code that deals with property offenses. It is also considered a fraud offense, so it is within the fraud subcategory of Chapter 205.
The statute addressing mortgage lending fraud is N.R.S. 205.372. According to the relevant statute, a defendant can be convicted of this offense if he or she is a participant in a mortgage lending transaction and does any one of the following:
Engaging in any of these actions is considered to be mortgage lending fraud, which is a category C felony. There is a minimum term of one year imprisonment imposed upon defendants convicted under this statute, and a maximum term of 10 years imprisonment as well as a $10,000 maximum fine.
Those who engage in a pattern of mortgage lending fraud, or who conspire to do so, can face more serious penalties including up to 20 years of imprisonment if convicted of a violation of N.R.S. 205.372.
The statute also stipulates that defendants can face civil penalties in addition to criminal penalties; that the Attorney General can investigate and prosecute violations; that lenders can rescind fraudulent mortgages; and that owners of mortgaged property can recover any damage resulting from mortgage fraud.
A Vegas criminal defense attorney at LV Criminal Defense can provide you with assertive representation when you have been accused of violating N.R.S. 205.372. To find out more about how we help defendants that are facing charges for mortgage lending fraud, you should give us a call today.