Penalties for Federal Mortgage Fraud Charge

 Posted on October 26, 2023 in White Collar Crime

Federal mortgage fraud charges are taken very seriously in the United States. Mortgage fraud involves intentionally being deceptive or giving false information during the mortgage application process. This can occur at various stages, such as during the loan application, appraisal, or closing.

Whenever you face fraud allegations at the federal level, your very first call should be to a Chicago federal criminal defense attorney. You need defense representation from a lawyer with extensive experience with the federal criminal justice system. 

Possible Penalties

The consequences of federal mortgage fraud convictions can be severe and may include:

• Imprisonment: People convicted of federal mortgage fraud may receive substantial prison sentences. The time behind bars can vary based on the specific circumstances of the case, including the value of the financial loss of victims and the level of deception involved.
• Fines: Convicted individuals may be required to pay substantial fines as part of their sentence. These fines are intended to serve as a financial penalty for the fraudulent activity.
• Restitution: Federal judges may order convicted individuals to provide restitution to those affected by the mortgage fraud scheme. This is meant to compensate the victims for any financial losses they suffered as a result of the fraud.
• Forfeiture of assets: In some cases, the court may order the forfeiture of assets that were acquired as a result of the fraudulent activity. This can include properties or other assets that were purchased using the proceeds of the fraud.
• Probation: In addition to or in lieu of imprisonment, individuals convicted of federal mortgage fraud may be placed on probation. During this period, they are required to adhere to specific conditions set by the court, such as regular check-ins with a probation officer and compliance with any restitution orders.
• Loss of professional licenses: Professionals involved in the real estate or mortgage industry who are convicted of mortgage fraud may face the revocation of their professional licenses, making it difficult or impossible to work in their field again.
• Damage to reputation: A fraud conviction can have long-term effects on an individual's professional and personal reputation. It may make it difficult to secure future employment, loans, or housing.

Note that each case is unique, and the specific penalties for federal mortgage fraud charges will depend on factors such as the extent of the fraud, the amount of financial loss involved, and the defendant's criminal history. 

There is a lot at stake in these cases, and the penalties can affect your finances, freedom, and future in general. Protect yourself and your rights by hiring the right Chicago federal criminal defense lawyer. 

Speak With a Chicago, IL, Federal Criminal Defense Lawyer

If you are facing federal mortgage fraud charges, it is crucial to immediately seek legal representation from our experienced Chicago, IL, criminal defense attorney at Law Offices of Hal M. Garfinkel LLC, Chicago Criminal Defense Attorney. Our firm can help you understand your rights, build a strong defense, and navigate the complexities of the legal process.

Time is of the essence in federal criminal cases. Contact us online or call 312-629-0669 for assistance today.