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Mortgage Fraud
Mortgage fraud and foreclosure fraud scams occurs when someone knowingly and intentionally misrepresents information in the attempt to obtain a mortgage. This can include an individual inaccurately filling in an a mortgage application through to a mortgage lender that is offering elevated mortgages, inflating values on homes to be "flipped", or mortgages on non-existent homes or buildings. IN the later case there are typically several people working in conjunction to defraud the mortgage company, while with the mortgage application it may just be one individual.
Mortgage Fraud Penalties
As the whole mortgage and lending sector has come under very strict scrutiny the number of mortgage fraud charges per year has risen dramatically. Mortgage fraud can carry a wide range of penalties depending on the value of the mortgage fraudulently obtained as well as the number of actual incidents involved.
Possible Penalties
- Jail time
- Probation
- Significant fines and fees
- Restitution
- Forfeiture of property
Mortgage Fraud Sentencing
There are several different components of developing a case for mortgage fraud. Basically the prosecutor has to prove that the misrepresentation was done knowingly and for illegal person gains of the individuals involved in the fraud. In some cases there may be individuals along the investigation that were not aware of the fraud which may, with the help of an attorney, be able to have the charges dismissed. In addition there are several different parts of the investigation that an attorney can challenge, possibly resulting in the charges being dropped or reduced.
Alternative mortgage fraud sentencing such as fines and restitution may be ordered in less involved and simple, low value types of mortgage fraud.
Hiring An Attorney For Mortgage Fraud
Having an experienced criminal defense attorney that is knowledgeable about mortgage fraud and mortgage fraud investigations is the best option. The attorney should be involved as early as possible in the investigation in order to be able to advise you on documents you will need to provide as well as represent you in hearings and preliminary actions.
- If you have been charged with Mortgage Fraud, Submit Your Case for a Free Review from a skilled Criminal Defense Attorney.
Mortgage Fraud: Fines and Jail by State
Penalties Vary Greatly by Case! For accurate penalties, talk to the court clerk or a lawyer!
| State | Avg. Fines | Avg. Jail | Avg. Probation | Other |
| Alabama | $50,000-2,00,000. | 1-5 years. | 1-3years. | |
| Alaska | Varies by Case | Varies by Case | Varies by Case | There is no federal mortgage fraud statute. But mortgage fraud can be charged as bank fraud if the crime involves a federally insured bank, or may be charged as wire fraud/mail fraud if involving an institution not insured by the FDIC. |
| Arizona | Pay the State of Arizona a civil penalty of up to $10,000 for each violation of the Consumer Fraud Act. | Varies by Case | Varies by Case | Reimburse the Attorney General’s Office for its cost of investigation and legal action in this matter.Pay full restitution to all homeowners. |
| Arkansas | fine of up to $1,000,000 | Upto 30 years | Varies by Case | |
| California | $100,000-250,000 | 12-78 months | up to 30 years | |
| Colorado | $5,000 -10,000 | up to 18 months | Varies by Case | fine for a second conviction of appraisal fraud, under the bill, as well as three years in prison |
| Connecticut | $10000-11 million | 20 years | two years | community service |
| Delaware | Fine Ranges may differ depending upon the money value of fraudulant | upto 3 years | Varies by Case | |
| District of Columbia | $10,000-$50,000 | 1-5 years | up to 3 years probation | Judge will more than likely render restitution. |
| Florida | up to $1 million in fines | Up to 20 years in prison | Varies by Case | Mortgage fraud — There is no federal mortgage fraud statute. But mortgage fraud can be charged as bank fraud if the crime involves a federally insured bank, or may be charged as wire fraud/mail fraud if involving an institution not insured by the FDIC. Mortgage fraud is covered by specific statute in some states, or charged as grand theft in others. |
| Georgia | 250000 | 42 months | 3 years | community service |
| Hawaii | $1 million | 30 year | Varies by Case | |
| Idaho | upto $1000000 (Fine ranges may change depending upon the Fraudulant money value) | 10 years | Varies by Case | |
| Illinois | up to $110,000 | Varies by Case | Varies by Case | each defendant to pay a civil penalty of $50,000, additional penalties of $50,000 for each act committed with intent to defraud an additional $10,000 for each act committed against a senior citizen, and costs for investigation and prosecution of the cases |
| Indiana | $10000-$1million | 5-35 years | upto 3 years | |
| Iowa | up to $100000 | max 10 years | 5 years | Community Serivce |
| Kansas | Varies by Case | Varies by Case | Varies by Case | There is no federal mortgage fraud statute. But mortgage fraud can be charged as bank fraud if the crime involves a federally insured bank, or may be charged as wire fraud/mail fraud if involving an institution not insured by the FDIC. |
| Kentucky | 1500000 | up to 5 years | Varies by Case | |
| Louisiana | up to $250000 | not more than 20 years | Varies by Case | |
| Maine | $320000-1000000 | 30 years | 3months-1 year | community service |
| Maryland | 1000000 | up to 30 years | Varies by Case | |
| Massachusetts | up to $10,000 | up to 5 years in state prison or 2 1/2 in a house of correction | Varies by Case | Property obtained is forefeited to the state |
| Michigan | up to $1,000,000 | 30 years | Varies by Case | Suspended license |
| Minnesota | $100000-1000000 | 20-30 years | 3-5 months | community service |
| Mississippi | $1,000-250000 | 1-5 years | 3-5 years | |
| Missouri | 1000 | 1 year | 2 years | community srvice for 6 months |
| Montana | $2500 -250,000 | up to 5 years | five years | community service |
| Nebraska | up to $1000000 | up to 25 years | 2-3 years | community service,drug classes |
| Nevada | $2,50,000-7,50,000. | 63-78 months. | 2-3 years | |
| New Hampshire | 1000000 | 30 Years | Varies by Case | |
| New Jersey | $10,000-$250,000 | 1 year-10 years | up to 3 years | Judge may order restitution. |
| New Mexico | $60000-250000 | 42 months | 18-70 months | community service |
| New York | $75000-250000 | 66 months | 3 years | community service |
| North Carolina | $50,000-250,000 | 5-35 years | 1-12 months | |
| North Dakota | $10000-1000000 | 5-30 years | upto 5 years | |
| Ohio | up to $250000 | 3-25 years | 2-3 years | community service,drug classes |
| Oklahoma | 250000 | Not more than 20 years. | Less than 5 years. | |
| Oregon | 1,000-6,000 | 4-7 years | 5 years | community supervision |
| Pennsylvania | $10,000-$250,000 | up to 5 years | up to 5 years | Judge may order restitution. |
| Rhode Island | $250000-1 million | 5-30 years | 18 months-3 years | community service |
| South Carolina | $10,000-750,000 | 5-35 years | 1-3 years | |
| South Dakota | $2000-50000 | 15 years | 18 months | community service |
| Tennessee | top 100000 | 3-7 years | 5-10 years | |
| Texas | $10,000-$250,000 | 1 year-10 years | up to 3 years | Restitution may be ordered. |
| Utah | Varies by Case | Varies by Case | Varies by Case | There is no federal mortgage fraud statute. But mortgage fraud can be charged as bank fraud if the crime involves a federally insured bank, or may be charged as wire fraud/mail fraud if involving an institution not insured by the FDIC. |
| Vermont | $10,000-1 million | 3-35 years | 10-60 months | |
| Virginia | $10,000-$250,000 | up to 10 years | up to 3 years | Judge may order restitution. |
| Washington | $250,000-1000,000 | 1-30 years | 36-57 months | |
| West Virginia | $25,000-$250,000 | 1 year-15 years | up to 5 years | Judge may order restitution. |
| Wisconsin | $2,50,000-7,50,000. | 1-5 years. | 3 -20 year. |
Legal Answers
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