Mortgage fraud is an extremely serious federal crime that is a growing problem in Illinois and many other states across the country. It refers to a wide range of illegal activities that involve making false or misleading statements on mortgage applications to obtain a loan or a larger loan than would otherwise be possible. Some common types of mortgage fraud include loan flipping, property flipping, straw buyers, and appraisal fraud. This type of fraud can result in significant financial losses for both borrowers and lenders and damage the overall housing market.
Today, we will look deeper into mortgage fraud in Illinois and address everything you need to know about this serious offense. Your freedom may be at risk if you have been charged with mortgage fraud. Consider contacting an experienced federal crimes defense attorney who will ensure your rights remain protected and that a positive outcome can be pursued in your favor.
The Inner Workings of Mortgage Fraud
Mortgage fraud is a crime that involves providing false information to a lender to obtain a mortgage loan or to manipulate the loan process for personal gain. This can include falsifying income or employment information, misrepresenting the property's value, or using straw buyers to obtain a loan. Mortgage fraud is a federal crime and is, therefore, subject to the jurisdiction of the United States government. In Illinois, mortgage fraud can have serious consequences, including exorbitant fines and decades in prison.
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