As a result of the recent economic downturn, instances of mortgage fraud and real estate fraud have increased throughout Maricopa Country. Last Monday, two men involved in an Arizona mortgage fraud case pled guilty to one count of money laundering. According to the U.S. Attorney, the men fraudulently obtained $15 million in loans to finance the purchase of 26 Arizona properties. It was reported that the men applied for loans using false reports of income, assets and occupancy statements between August 2006 and May 2007.
The men supposedly received about $1.5 million in seller kickbacks, real estate commissions and real estate agent commission kickbacks and fees. On the other hand, mortgage lenders incurred about $6.1 million in losses due to their fraudulent schemes. Both men could face 10 years in prison or hefty fines of up to $250,000 or twice the value of the property involved.
Mortgage fraud is a serious offense that can carry potentially severe and life-altering consequences. Individuals who have been contacted for questioning by an investigator regarding a fraudulent real estate transaction should consult with an attorney immediately. Indictment for mortgage fraud is based upon a detailed and extensive investigation. As a result, it would be wise for anyone who thinks that they might be under investigation for this type of crime to seek legal counsel from an experienced mortgage fraud attorney. If you would like to discuss your case during a free and confidential consultation, contact JacksonWhite’s mortgage fraud attorney at (480)-818-9943. Consultations can be held at our various office locations throughout Maricopa County including Mesa, Scottsdale, Phoenix, Tempe, Peoria, Chandler, and Gilbert.