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Mortgage Fraud Charges in Florida: Laws, Penalties and Working with a Lawyer

Mortgage Fraud Charges in Florida: Laws, Penalties and Working with a Lawyer

Mortgage fraud is a big problem here in Florida. With the housing market booming, there are lots of folks looking to make a quick buck by fudging some numbers on mortgage applications. But that can land you in hot water! As a Florida resident myself, I want to break down the laws on mortgage fraud so you know what you’re getting into if you get caught up in something shady.

What is Mortgage Fraud Exactly?

Mortgage fraud happens when someone lies on a mortgage application to get approved for a loan. This includes faking documents like pay stubs or tax returns, inflating your income or assets to appear wealthier than you are, and more.Some common types of mortgage fraud include:

• Claiming a fake job or income on your application
• Lying about your debts and expenses to appear more creditworthy
• Using someone else’s bank statements as your own to show more money
• Having a friend or relative act as a “straw buyer” on your behalf
• Paying an appraiser to overvalue a home so you can get a bigger loan

You get the idea. Anything fishy or false you put on a mortgage application can be considered fraud.

Why Do People Commit Mortgage Fraud?

There are two main motivations for mortgage fraud:Fraud for housing – This is when an individual lies to try and get approved for a mortgage they normally wouldn’t qualify for. Their goal is to get into homeownership.Fraud for profit – This involves industry insiders like mortgage brokers, real estate agents, and appraisers working together to scam lenders for financial gain.Greed tends to drive people to commit mortgage fraud. Whether it’s a homebuyer who wants a nicer house than they can afford, or a shady mortgage broker pocketing extra fees, there’s usually money at the root of it.

Penalties for Mortgage Fraud in Florida

Under Florida law, mortgage fraud is prosecuted as a felony offense. The penalties you face depend on the dollar amount of the mortgage loan and whether it’s charged under state or federal law.Here’s a quick rundown:

• Less than $100k – 3rd degree felony under Florida law, punishable by up to 5 years in prison and $5,000 in fines
• $100k or more – 2nd degree felony under Florida law, punishable by up to 15 years in prison and $10,000 in fines
• Federal charges – Can lead to 30 year prison sentences and fines up to $1 million!

As you can see, mortgage fraud is not taken lightly here in the Sunshine State. Even relatively small cases can land you years behind bars if convicted.

Working with a Lawyer if Facing Charges

If you’re being investigated or charged with mortgage fraud in Florida, having an experienced criminal defense lawyer on your side is crucial. These are complex financial crime cases with serious penalties on the line.A knowledgeable lawyer can help by:

• Negotiating with prosecutors to get charges reduced or dismissed
• Identifying weaknesses in the prosecution’s case and evidence
• Gathering exculpatory evidence and documents to undermine their arguments
• Walking you through the complex local and federal laws at play
• Mounting an aggressive defense at trial if necessary

Having legal representation ensures your rights are protected through the investigation and criminal justice process. Don’t go it alone against seasoned prosecutors!

Finding the Right Lawyer for Your Case

Not all lawyers are created equal when it comes to defending complex white collar crimes like mortgage fraud. When researching attorneys, you want to look for these credentials:

• Knowledge of Florida fraud statutes – They should understand Chapter 817 inside and out.
• Experience with financial crimes – Look for a lawyer with a proven track record in fraud defense specifically.
• Familiarity with federal charges – Someone who regularly handles mortgage cases charged under federal law.
• Resources to build your defense – They’ll need experience working with financial experts to undermine the prosecution’s claims.
• Negotiation skills – Ideally, someone who has negotiated reduced charges or dismissals for past mortgage fraud clients.
• Trial experience – If it comes down to it, you want an attorney seasoned in arguing before juries.

Don’t leave your defense to chance – find a lawyer who meets the criteria above!

Exploring Possible Defenses with Your Lawyer

There are various defenses your lawyer may be able to raise based on the details of your mortgage fraud case. Some potential defenses include:

• No intent to defraud – You lacked criminal intent and made an honest mistake on the application.
• Duress – You were unlawfully pressured or coerced into committing fraud by a third party.
• Entrapment – Law enforcement induced you to commit a crime you otherwise wouldn’t have.
• Statute of limitations expired – Too much time has passed since the alleged crime.
• Lack of evidence – The prosecution can’t prove you knowingly committed fraud.
• Unconstitutional search – Evidence was obtained improperly in violation of your 4th Amendment rights.

An experienced lawyer will thoroughly examine your case and identify the strongest defenses to raise. Don’t give up hope – mortgage fraud charges can be beat!

Take a Proactive Approach

The best approach if you believe you’re being investigated is to retain a lawyer immediately. Don’t say anything to investigators without counsel present. An attorney can work to get charges reduced or avoided altogether through active negotiation with prosecutors.It’s much harder to undo the damage once charges have already been filed. So don’t wait to seek legal help if you think you’re on law enforcement’s radar.

Conclusion

Mortgage fraud is taken very seriously in Florida, even for first-time offenders. If you’re being accused, don’t go it alone against prosecutors gunning for a conviction. Find an experienced criminal defense lawyer you trust to protect your rights and future. With an aggressive defense, you may be able to avoid jail time and get your life back on track.