Fighting Allegations of Philadelphia Mortgage and Lending Fraud

Fighting Allegations of Philadelphia Mortgage and Lending Fraud

Getting accused of mortgage or lending fraud can be scary. Even if you’re innocent, defending yourself takes time and money. And if found guilty, you may face huge fines or even jail time. So what can you do if the authorities come knocking about shady Philadelphia mortgages or loans? This article shares some practical tips for fighting back.

Gather Evidence Supporting Your Innocence

If you didn’t actually commit fraud, you’ll want to gather up anything proving it. For example, pull together paperwork showing you fully disclosed info on mortgage apps or loan documents. Highlight where you provided correct income numbers, property values, employment details, etc. Any email or written correspondence backing up your case helps too. Basically – prove the prosecution’s got the wrong guy!

Consult a White Collar Criminal Defense Attorney

Fighting financial fraud allegations yourself is super risky. The laws here are complex. An experienced white collar crime lawyer knows how to analyze evidence, challenge accusations, and build the strongest defense. A good one aggressively protects your rights and interests from the start. Consider attorneys like John D. Finnerty or Brian J. Zeiger for robust representation.

Understand the Charges and Penalties

There are many laws against mortgage and lending frauds in Philadelphia. For instance, the federal mail and wire fraud statute (18 U.S. Code § 1341) outlaws any scheme to intentionally deprive someone of money/property using postal/interstate wires. Penalties include steep fines and 20+ year prison sentences. State laws like the Pennsylvania Corrupt Organizations statute (18 Pa.C.S. § 911) also impose major fines and jail time for racketeering crimes like mortgage fraud rings. Know what you’re up against.

Don’t Destroy or Hide Evidence

It’s natural to want to delete any potentially incriminating files, emails, records once accused of fraud. But doing so can make you appear guilty and result in obstruction of justice charges. Be aware prosecutors can subpoena personal and company documents related to your case too. So cooperate fully and preserve everything.

Get Character Witnesses

Upstanding people who’ll vouch for your honesty and integrity can be invaluable to your defense. Ask past coworkers, employers, business partners, bankers, clients, etc. to testify on your behalf as character witnesses. Their firsthand accounts of your ethics can create reasonable doubt about the prosecution’s accusations.

Try Settling Out of Court

Rather than risk trial, many defendants opt to settle through plea bargains or civil compromises. Though not ideal, settling may involve lesser charges, reduced penalties, and avoidance of prolonged court battles. An experienced lawyer can best advise if this route makes sense for your specific case. Settlements often require admitting some responsibility though, so weigh options carefully.

Consider Using Bankruptcy to Avoid Repayment

If found guilty of mortgage/lending fraud, you may face having to repay massive funds. Declaring bankruptcy after the fact can legally absolve those debts and avoid financial ruin. But it also means a long 7+ year credit damage hit. Again, discuss with legal counsel to see if it fits your situation. The Chapter 7 and Chapter 13 bankruptcy codes may apply here.

Don’t Panic – You Have Options!

Hearing you’re under investigation for mortgage fraud feels devastating. But through a smart legal strategy, many beat the charges and move on with life. With an experienced white collar criminal defense lawyer’s counsel, you can actively fight the allegations while protecting your interests. Take a breath – then take appropriate action. This too shall pass!

Hopefully this overview gives you a good sense of proactive steps to take if accused of Philadelphia mortgage/lending-related frauds. Remember – fight back intelligently, but never go it completely alone. Retaining strong legal representation from the start gives you the best shot at the best outcome. Don’t become another statistic. With the right defense, you can defeat fraudulent allegations and regain peace of mind.