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Did applying for a loan lead to accusations of mortgage fraud?

by | Oct 17, 2018 | Uncategorized |

Buying a new home is an event that most people want to experience at some point in their lives. You may feel that you have reached the point where this desire could become a reality because you have reached a financially stable point in your life and have found a Louisiana home that you can picture yourself living in for years to come.

Of course, real estate transactions are complicated ordeals. If you do not provide the correct information when attempting to obtain a mortgage loan or strike deals with the seller without informing the lender, you could end up in serious trouble and facing charges for mortgage fraud.

Ways fraud occurs

A number of errors could lead you to ending up suspected of mortgage fraud. Even if you slightly alter the information on your application simply because you think you will better your chances of obtaining the loan, you have committed fraud. Other types of mortgage fraud include the following:

  • Overstating your income level
  • Entering into deals with the seller that involve you receiving some type of money without the knowledge of the lender
  • Receiving a gift for a down payment and then repaying the gift
  • Stating that you paid a deposit to the seller when you did not
  • Providing a false contract with a higher sales price

Other actions could also constitute fraud, so you certainly want to make sure that you do not inadvertently end up committing a criminal act. Filling out your mortgage loan application as honestly and accurately as possible is a good place to start, and you may also want to remain wary of sellers who may try to convince you that striking a deal could work in your best interests.

Facing accusations

Unfortunately, you may still end up in situation where trying to buy your first home ends up as a nightmare scenario with you facing charges for fraud. If the accusations result from honest mistakes, you may have an easier time defending against the allegations. Of course, whatever the reason for the charges, you should take your situation seriously.

Defending against mortgage fraud can seem intimidating, but luckily, you can obtain professional legal assistance. An attorney can help you understand the charges and figure out why they may have come about. Additionally, working with an attorney could allow you to find the most feasible defense routes for your case.

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