What is Mortgage Fraud?
Many professionals and individuals have been charged recently in Arizona for mortgage fraud. Mortgage fraud in Arizona can be charged under both state and federal law. A typical mortgage fraud consists of falsifying information on a loan document in order to obtain approval from the lender. Sometimes the false information has to do with income or the existence of a renter. In other cases it has to do with the appraised value of the home.
Why the Boom in Mortgage Fraud in Arizona?
Unfortunately, during the housing boom, a sub culture of dishonesty in lending came into existence in Arizona. Now that the housing market has crashed, the banks have been left with defaulted loans on abandoned properties that would have never received funding if the information on the application were true. These cases are being turned over to local law enforcement and the FBI for potential charges.
Mortgage fraud is a very serious crime and it is important to make sure you have a knowledgeable attorney working with you on your defense. Contact Arizona criminal defense attorney Jeremy Geigle to schedule a free consultation.