What Are the Penalties For Mortgage Fraud in New Jersey?
Posted May 26th, 2023.
Mortgage fraud is treated seriously in New Jersey, and that means that you should be ready to fight back if you are charged with this crime. A New Jersey criminal defense attorney from our firm can help you form a defense and avoid the harshest punishments that the state and federal government can dispense for fraud.
How Are Defendants Punished for Mortgage Fraud?
The punishments for mortgage fraud can vary based on how much money is involved and the exact circumstances that led to the fraudulent activity. You can expect hefty fines and jail time to be a part of the conversation though. If you are hit with state charges, you could face:
- Fines of up to $150,000
- A prison sentence between one and 10 years in length
- A call to pay restitution to any injured parties
Additionally, if you are a professional like an accountant, property appraiser, or mortgage lender facing fraud charges, you could end up facing professional penalties. Licenses can be taken away and the state board in charge of your field could hit you with other punishments.
You also have to worry that your state mortgage fraud charges could be accompanied by federal charges and even charges of money laundering. In these scenarios, you could be facing fines of up to $1,000,000 and prison sentences of up to 30 years!
What Are Some Types of Mortgage Fraud Schemes?
Generally, the types of mortgage fraud can be broken up into two broad categories. There is fraud for profit and fraud for housing. You can be charged with mortgage fraud if you:
- Lie about your own assets in an attempt to secure housing
- Misrepresent the value of a property in an attempt to get a bigger loan
- Serve as a “straw buyer” for someone else who would not have been approved for a mortgage
- Engage in loan practices that can be labeled predatory
- Make fake leases that can exaggerate the value of a distressed property
If you are accused of committing any of these actions, you could be facing harsh penalties.
How Can a Criminal Defense Attorney Help?
Defending yourself against these charges on your own can be quite difficult. A criminal defense attorney from our firm can act as your advocate and help you fight against any accusations of fraud. Your lawyer will communicate on your behalf, get evidence against you thrown out, and defend you from accusations of wrongdoing.
The state has many resources to make use of when pursuing you for criminal charges. A knowledgeable defense attorney can help you even the odds a bit.
Contact Our New Jersey Law Firm
If you are ready to fight these charges and do everything possible to avoid the harsh penalties associated with mortgage fraud, you need to contact the Law Offices of Mark S. Guralnick. We can set up your first consultation and begin to strategically build your defense.