Mortgage fraud follows along the same vein as bank fraud in that the federal government has stepped up its attention of mortgage fraud due to the crash of the housing market. Economic conditions have greatly affected the prosecution of financial-oriented crimes and therefore the government has taken a stiff hand to many violators. While the instance of bank fraud prosecutions has decreased in recent years, other related instances of fraud, such as mortgage fraud, have actually increased in prosecution. It is therefore important that you hire a qualified mortgage fraud attorney in Phoenix, AZ as soon as you are charged.
Mortgage Fraud in Phoenix, Arizona
Mortgage fraud has frequently been found to occur to unsuspecting home owners who may have been pressured by their bank to fudge a number or report a falsity on one line out of hundreds. However, this one line is critical to the federal government, and once banks go back through their records and discover this, they have the right to give your case to federal prosecutors. Often, mortgage brokers are also to blame for these falsities which they fill out on your loan application without your knowledge. While these mortgage brokers are often charged as well, according to the federal government, this does not excuse your own wrongdoing.
Lately, the federal government has been targeting homeowners who took out loans rather than banks that issued the fraudulent loans. Don’t be another one of these numbers if you were the victim of mortgage fraud yourself. The federal government is seeking to punish someone for the housing crisis, and typically takes the brunt of its punishment out on small home buyers who trusted the wrong bank or mortgage broker.