Houston Mortgage Fraud Attorney
EXPERIENCED FEDERAL MORTGAGE FRAUD DEFENSE ATTORNEYS
According to the Texas Department of Banking, mortgage fraud is committed when a “person intentionally or knowingly makes a materially false or misleading written statement to obtain a mortgage loan.” There are a number of regulatory agencies that investigate mortgage fraud, and it can have both civil and criminal repercussions. Our Houston Mortgage Fraud Attorney provides the following agencies who often investigate or prosecute mortgage fraud in the State of Texas:
- “The office of the attorney general;
- The Department of Public Safety;
- The Texas Department of Insurance;
- The Office of Consumer Credit Commissioner;
- The Texas Department of Banking;
- The credit union department;
- The Department of Savings and Mortgage Lending;
- The Texas Real Estate Commission;
- The Texas Appraiser Licensing and Certification Board; and
- The Texas Department of Housing and Community Affairs.”
Penalties for Mortgage Fraud in Texas
Texas Penal Code Section 32.32 makes it unlawful to use a “false statement to obtain property or credit or in the provision of certain services.” The penalties for violating this section of the penal code depend on the value of the property. For instance, if the value of the property is $30,000 or more, but less than $150,000, you could be charged with a third-degree felony punishable by up to 10 years in prison and a fine not to exceed $10,000; if the value of the property is $300,000 or more you could be convicted of a first-degree felony.
No matter what the value of the property, you should always consult a knowledgeable mortgage fraud defense attorney before accepting a plea agreement. Mortgage fraud is a serious offense that can affect your ability to secure a loan, your financial security, and your freedom. You need experience you can trust. You need an attorney who understands how state and federal prosecutors prepare for cases and secure convictions.
Understanding Federal Mortgage Fraud
Mortgage fraud is also a federal offense. It is a sub-category of Financial Institution Fraud (FIF). The Federal Bureau of Investigations (FBI) investigates all FIF cases perpetrated against federally-insured financial institutions, including banks and mortgage lending companies. According to the FBI, mortgage fraud is “characterized by some type of material misstatement, misrepresentation, or omission in relation to a mortgage loan which is then relied upon by a lender.” The FBI not only investigates mortgage fraud committed by an individual in Houston, TX but also predatory lenders and groups of investors.
Types of Mortgage Fraud in Houston, TX
There are two basic types of federal mortgage fraud identified by the FBI. They are as follows:
Fraud-for-Profit is most often perpetrated by “industry insiders.” The ultimate goal of a fraud-for-profit scheme is not to secure housing but to maximize profits. According to the FBI, fraud-for-profit schemes are often a result of collusion by people involved with the loan transaction. These “industry insiders” can include but are not limited to “bank officers, appraisers, mortgage brokers, attorneys, loan originators, and other professionals engaged in the industry.”
Fraud-for-Housing is generally carried out by an individual borrower to secure a property. Mortgage fraud most often committed by individuals involves misrepresenting facts about income, debt, or employment in an attempt to secure a loan. Fraud for housing in Houston may also occur if a homeowner knowingly presents false information about the condition of a property or its value.
Defending Mortgage Fraud
If you have been charged with federal mortgage fraud, you need aggressive representation. You need a leading Mortgage Fraud Defense Attorney in Houston. that understands how federal cases are prosecuted. Our Houston Mortgage Fraud Attorney knows what it takes to win cases against the Department of Justice.
Hire the Right Houston Mortgage Fraud Attorney
Attorney James Alston worked in the Major Fraud Division of the Harris County District Attorney’s Office. He spent countless hours prosecuting mortgage fraud cases. He knows what it takes to defend and win cases. If you are being investigated for mortgage fraud, you need to act fast; your rights and your freedom may be on the line. Contact James Alston Law today for a consultation at (713) 228-1400.