Mortgage fraud is often in the news in Nevada because of the economic downturn and loss of value in many people’s homes. Mortgage fraud involves many different activities in Nevada, all for the purpose of using deception to secure a mortgage from a bank or other financial institution when one would otherwise not be given. For example, this can include the actions of a loan officer to assist a person who does not qualify in getting a loan.
Fraud usually results from using falsified documents or providing false or incomplete information on a mortgage application. The purchaser, inspector, and even real estate agent can be responsible for mortgage fraud. Each separate transaction is its own crime.
As with any Nevada crime, the best person to defend you is a skilled and experienced Las Vegas mortgage fraud lawyer who can assess your case. A criminal lawyer at LV Criminal Defense will provide a complete defense strategy to reduce the mortgage fraud charges against you or even get them dismissed.
The top three most common mortgage fraud activities in Nevada are:
Nick Wooldridge has a long track record of representing clients accused of serious federal and state crimes in Nevada.
While these are the most common activities involved in Las Vegas mortgage fraud, the statute applies to people who use any false information (or who conceal material information) to obtain a mortgage.
Mortgage fraud is a Category C felony, which means prison time of up to 10 years in a Nevada prison and $10,000 in fines.
If the state can prove a pattern of mortgage fraud by a responsible individual, the crime increases to a Category B felony with 3 to 20 years in Nevada prison and $50,000 in fines.
Victims of mortgage fraud are entitled to restitution by a person convicted of the crime. For example, this may include repayment of fees associated with a false loan modification program.
Mortgage fraud, especially if it is a pattern of fraudulent behavior, is usually investigated by law enforcement agencies over a long period of time. Law enforcement may gather large amounts of evidence against you during that time.
A skilled Las Vegas mortgage fraud attorney can help dismantle the state’s case or negotiate for a lower charge. Call LV Criminal Defense if you have been arrested for mortgage loan fraud in Nevada.