Miami Mortgage Fraud Attorneys
Accused of Mortgage Fraud? Let Us Protect Your Rights.
Since the housing market collapse, the FBI and its partners have been especially aggressive in investigating and prosecuting instances of alleged mortgage fraud, particularly large-scale schemes. If you are under investigation, have been served a warrant, or have been charged with mortgage fraud, you should consider involving an attorney as quickly as possible.
Exercise your right to remain silent and speak to our Miami mortgage fraud lawyers at Beckham Law Firm. We have experience fighting federal criminal charges and can work fast to protect your rights.
Discuss your mortgage fraud case today in a free initial consultation by calling (786) 244-8010 or contacting us online.
Who Investigates Mortgage Fraud in Florida?
Several agencies, including the Florida Attorney General’s Office, the Florida Department of Financial Services, the Florida Office of Financial Regulation, and local law enforcement agencies (such as police departments and sheriff’s offices), tend to investigate allegations of mortgage fraud in Florida. The FBI tends to get involved when there is evidence the offense involved interstate fraud or if allegedly unlawful misrepresentations were sent by mail, e-mail, or fax.
Once federal agencies step in, these cases are frequently prosecuted at the federal level and tried in federal courts. However, there are some scenarios where someone accused of mortgage fraud in Florida could instead face state-level charges.
Under Florida law, mortgage fraud is typically a third-degree felony when the value of the loan is less than $100,000. This offense is punishable by up to five years in prison, a fine of up to $5,000, or both.
If the loan is worth more than $100,000 or the mortgage fraud is part of a larger scheme, the charge could be elevated to a second-degree felony. Punishments include up to 15 years of prison time and a fine of up to $10,000.
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Inflating an appraisal to obtain a higher mortgage loanThis deceptive practice can occur when a borrower seeks to gain access to more funds than they are eligible for based on the property's true market value.
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Misrepresenting income or assetsThis occurs when an applicant intentionally provides false information or omits crucial details regarding their financial situation to secure a loan they might not otherwise qualify for. Lenders rely on accurate income and asset disclosures to assess the risk associated with providing a mortgage.
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Posing as a borrower on behalf of another partyThis practice, often referred to as "straw borrowing," occurs when someone applies for a mortgage using another person's identity or financial information without their knowledge or consent. The intent is typically to secure loans under more favorable terms or bypass qualifications that the actual borrower may not meet.
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Equity skimmingEquity skimming is a fraudulent scheme in which a buyer acquires property from an unsuspecting homeowner, often in financial distress, with the intent to profit from the property's equity while leaving the homeowner to face the consequences. Typically, the buyer convinces the homeowner to transfer the title of the property, promising to take over mortgage payments or sell the property for a profit. However, the buyer often neglects the mortgage payments, leading to foreclosure, while they may profit by renting out the property or selling it to another party.
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Foreclosure prevention and loan modification scamsThese scams target homeowners facing financial difficulties, often promising relief from imminent foreclosure in exchange for upfront fees or personal information. Scammers may falsely claim they can negotiate with the lender to lower monthly payments or secure favorable loan term modifications.
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Illegal property flippingIllegal property flipping occurs when a property is purchased and then quickly resold at an artificially inflated price, often within a short time frame, without any substantial improvements made to the property. This practice aims to deceive lenders and buyers about the property's true value and market conditions. Flippers often use deceptive appraisals or misrepresent the property's status to secure higher financing, which is then misused to profit from the difference.
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Air loansAir loans refer to fictitious mortgage loans that are created without an actual property backing them. In this fraudulent scheme, a lender issues a mortgage based on a non-existent or deliberately misrepresented property, often using fabricated documentation. The intention behind air loans is typically to secure funds from the lender without any real collateral, leading to severe financial losses for the lender when the fraud is discovered.
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Home Equity Conversion Mortgage (HECM) schemesHECMs are government-insured reverse mortgages designed to allow seniors to convert a portion of their home equity into loan proceeds while still living in their homes. However, HECM schemes can become fraudulent when individuals exploit these loans by misrepresenting the homeowner's financial situation, manipulating the appraisal process, or targeting vulnerable seniors for predatory practices. In such schemes, fraudsters may convince homeowners to take out a HECM and then siphon off the proceeds, leaving the homeowners unaware of the growing debt against their property.
What Is Mortgage Fraud?
Examples of mortgage fraud include:
The FBI defines mortgage fraud as a “material misstatement, misrepresentation, or
omission in relation to a mortgage loan which is then relied upon by a lender.” Our
Miami mortgage fraud attorneys are prepared to represent lenders, buyers, sellers,
appraisers, or other real estate professionals facing these charges.
Under federal
law, mortgage fraud may be punishable by up to 30 years in prison and up to $1 million
in fines. The rest of your life, along with your financial security, could be in
immediate jeopardy if you’re charged with this white-collar crime, so do not wait
to explore your defense options with our experienced Miami mortgage fraud lawyers.
Why Partner with Beckham Law Firm?
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Distinguished ReputationOur reputation is backed by numerous awards and recognitions.
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Comprehensive Team ApproachWe give you the benefit of three accomplished attorneys.
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35 Years of Combined ExperienceOur team will help you get the results you deserve.
Put Our Experienced Florida Team on Your Side and Call Today
If you’ve been accused of any type of act or scheme associated with mortgage fraud, you need to move quickly and secure capable legal representation. Our attorneys can take on any type of mortgage fraud investigation or charge at the state or federal level, and we have over 35 years of combined legal experience to apply to your case.
We have access to investigators, expert witnesses, forensic specialists and other professionals that can help our lawyers fulfill our goal of creating a clear and compelling case on your behalf. Our team knows how to counteract federal investigations and disprove federal charges against seemingly impossible odds. We’re ready to put our experience and resources to work for you.
If you are facing mortgage fraud charges, contact Beckham Law Firm online or call (786) 244-8010 to start reviewing your defense options.
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I want to thank Beckham and Solis for guiding through this difficult process. Their level of expertise and understanding of different situations is paramount. I highly recommend hiring this firm as a representative for any case.
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