You failed to disburse funds as agreed upon at closing
You received money due to false statements or false pretenses
You made a false statement, misrepresentation, or concealed a material fact
You filed a document with the register of deeds that you knew contained a material misstatement
The “mortgage lending process” can include transactions that occurred during the application phase, the origination phase, the underwriting phase, the negotiation phase, or any other time during the process of obtaining a mortgage loan.
It’s important to understand that each violation is a separate offense.
So, if you made a false statement, failed to disburse funds, and filed a fraudulent document, you’ll be charged with three separate mortgage fraud offenses.
Penalties for Mortgage Fraud
Mortgage fraud is a felony, and the penalties vary depending on the value of the property at hand during the time the fraud took place.
Some common penalties include:
If the value of the property is below $100,000 you could face a 15-year felony and fines up to $100,000.
If the value of the property is above $100,000 you could face a 20-year felony and fines up to $500,000.
The statute of limitations to bring a mortgage fraud charge against someone is quite lengthy.
A charge must be brought within 10 years after the offense was committed or within 10 years after the instrument affecting real property (title or deed) was recorded, whichever time frame occurs later.
At The Law Offices of Barton Morris, our mortgage fraud attorneys in Michigan can help you with all your criminal defense needs. We can effectively protect your rights and fight for your best interests.
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