Criminal Defense Lawyers

Residential Mortgage Fraud In The First Degree: New York Penal Law 187.25

Buying a home is a wonderful feeling for anyone who wants to realize their own version of the American Dream. Homeownership is almost always a wise investment, and many New York families are excited to purchase a home of their own. You get to own a piece of land. Every dollar you spend on your home is going to come back to you in the future if you decide to sell after your property increases in value. It’s a wise investment, and it’s one you should not enter into lightly.

Buying a home in New York is a complicated process, just as it is in any other state. It’s time-consuming, and there are many factors associated with buying a home. The first is the financial aspect. Can you afford to buy a home? If you have the cash to pay outright for your new home, you’re in a good situation. If you haven’t the cash to spend on a house, however, you might decide it’s a wise decision to secure a mortgage.

A mortgage is a loan issued by a lender to a borrower. You are the borrower. The bank pays for your home, and you spend 15 to 30 years paying the bank a monthly payment as repayment for purchasing your home for you. You get to spend this time paying for your home until you own it, and that’s when it becomes your home. To get a loan, you must first apply for a preapproval with a lender. Preapproval occurs when you allow a lender to check your credit, your income, and you provide some paperwork to prove you have the funds to make a mortgage payment each month.

Buying a Home in New York

Once a lender has decided you are a good candidate for one of their mortgage options, you get to go out and search for the home of your dreams. The bank tells you how much you can afford to spend on a home, and you must stay under that limit. Once you choose a home, you put in an offer. Once the offer is accepted, you move forward with the mortgage. This means providing financial documents and other documents to the bank so they can verify your income and be sure you can really afford to buy this home.

Once all the paperwork is received and the bank sees it matches what you told them about your income and assets, they move forward with the loan. Once the paperwork is complete, you go to a closing and buy your home. Now you are a homeowner, but that doesn’t mean your American Dream has been realized if you decided to fudge even just a little on your mortgage documents.

Residential Mortgage Fraud in the First Degree

When you apply for a home loan, you are promising to repay a bank the money they are lending you to buy a home. Homes are not inexpensive, and this means the bank wants to be entirely certain you can afford to repay the money you are borrowing. If you don’t think you can afford to buy a home on the income you have or you just want a home that’s a little more expensive, you might decide to doctor your documents to make it appear you have a bit more money than you do. The bank then sees this as a guarantee you have the income to support your purchase when you really do not.

Christine Twomey

2024-03-21

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Brendan huisman

2024-03-18

Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!

Guerline Menard

2024-03-18

Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️

Keisha Parris

2024-03-15

Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.

Taïko Beauty

2024-03-15

I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence. Thank you team!

Anthony Williams

2024-03-12

Hey, how you guys doing? Good afternoon my name is Anthony Williams I just want to give a great shout out to the team of. Spodek law group. It is such a honor to use them and to use their assistance through this whole case from start to finish. They did everything that they said they was gonna do and if it ever comes down to it, if I ever have to use them again, hands-down they will be the first law office at the top of my list, thank you guys so much. It was a pleasure having you guys by my side so if you guys ever need them, do not hesitate to pick up the phone and give them a call.

Loveth Okpedo

2024-03-12

Very professional, very transparent, over all a great experience

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2024-02-28

Amazing experience with Spodek! Very professional lawyers who take your case seriously. They treated me with respect, were always available, and answered any and all questions. They were able to help me very successfully and removed a huge stress. Highly recommend.

divesh patel

2024-02-24

I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

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Lying to obtain a mortgage whether it’s about your marital status, your income, or anything else is considered residential mortgage fraud. Lying on a financial application to purchase a home is against New York Law, and it comes with serious consequences. It’s a class B felony. You could spend as few as one year in jail and as many as 25 years in jail for committing this crime.

If you are a first time offender, you are more likely to serve a smaller sentence. If you have a previous criminal conviction on your record, however, you’re going to face a much longer sentence. If you are accused of mortgage fraud, it’s imperative you call an attorney right away. An attorney can help you get through this case, prove you didn’t know what you were doing or that you didn’t do it at all.

Call an Attorney

There are so many reasons to contact an attorney in a case like this, and it helps to know when to call. An attorney should be called the moment you are given permission by the police to call one. Anything you say at this point can be used against you, which is why you must call an attorney. The police are not permitted to speak to you when you engage your right to have an attorney present, and your attorney is required to keep anything you say to him or her confidential. Call an attorney right away to help with your case.