The Department of Justice has announced that mortgage fraud is one of its top priorities. In addition to mortgage fraud, the Department is focusing on predatory lending and scams taking advantage of homeowners whose mortgages are in danger of default or are in default. We represent individuals and companies charged with this type of fraud. We are willing to travel to any federal court nationwide or to represent you in state court in Oklahoma.
Mortgage fraud typically involves a house that is not selling because of wear and tear or it is simply outdated or in a less desirable location. A real estate agent and appraiser might get together with a mortgage broker with a plan to artificially inflate the appraisal so that a new buyer could get a 100% loan (not available today) that would put cash back into the buyer’s pocket for repairs and down payment — all without the bank’s knowledge. If the mortgage broker, real estate agent and appraiser all get a share of the “cash” paid to the buyer at closing, then there is probably a fraud. Mortgage fraud is a broad term and may involve various criminal statutes.
Brokers, real estate agents, loan agents, title company representatives, appraisers and consumers can all participate or be unwitting participants in mortgage fraud.
Mortgage fraud may involve charges of conspiracy, mail fraud, wire fraud, false statements, etc. See our Frauds & Swindles page for more information.
ROUTINE MORTGATE FRAUD SCHEMES
Inflated Income – Inflating the borrower’s income or assets to make the loan easier to approve. These historically have involved “no docs” loans or liar’s loans.
Property Flipping – Illegal when combined with false appraisals, false loan documentation, altered loan documentations, kickbacks, etc.
Silent Second – Seller pays the down payment without knowledge of the lender.
Nominee or Straw Loans – Borrower’s identity is concealed through use of straw buyers and/or using straw buyer’s credit.
Identity Theft – Loan obtained with fake identification or based on a fictitious person or using another person’s credit history without authority.
Inflated Appraisals – Appraiser artificially inflates property value in order to cover kickbacks to the parties or to obtain a larger loan.
Kickbacks to Borrowers – An example is payment of kickbacks to buyers in the form of “remodeling” money — with no intent to remodel.
Foreclosure Schemes – Predatory lending to those in danger of losing their homes or falsification of government or other “assistance” plans even though the scammer is not part of a legitimate credit counseling or mortgage work-out group.
Equity Skimming – Purchasing a property under a false name, then renting the property to a third party without ever making payments on the mortgage. Until default on the mortgage and eviction from the property, the scammer skims the equity from the property.
Down Payment Scams – Seller illegally provides the down payment without disclosure to the lending company.
We represent individuals and companies charged with this type of fraud. We are willing to travel to any federal court nationwide or to represent you in state court in Oklahoma. Call the Wyatt Law Office at 405.234.5500 for your Oklahoma Mortgage Fraud Lawyers and Attorneys. Your future is our business.
Split Verdict with Minimal Punishment. In the Oak Tree Mortgage Scandal, my client was acquitted of two of the three felony charges against him. He was the only person acquitted of any of the charges. Unfortunately, there was a hand-written note to the bank inflating the client’s income by nearly 10 times the actual value. As a result, we could not defeat the third count, but the client received a sentence of only one year while another defendant was sentenced to nine years.