Mortgage Fraud

Mortgage fraud is a crime punishable by law where potential buyers of houses attempt to deceive lenders by providing incorrect information or blatantly omitting details which would cause banks to not lend them money. Mortgage fraud is a crime which has risen in numbers and notoriety in the first decade of the 21st Century, especially during the United States' financial crisis of 2008.

There are many types of mortgage fraud including: Occupancy fraud, Income fraud, Employment fraud, Failure to disclose liabilities, Fraud for profit, Appraisal fraud, Cash-Back Schemes, Shotgunning, and Identity Theft. These crimes could yield a person a fixed amount of jail time and fines, with some prison sentences approaching a 30-year maximum.

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Latest blogosphere posts tagged “Mortgage Fraud”

• Protecting Money For Mortgages

  
  Mortgage-Blog — Authority: 154
  An interagency task force has been created to prevent mortgage fraud. It should protect the mortgage portion of the Stimulus Act of 2009. Source: Protecting Money For Mortgages
  21 hours ago

• Fraudline:  Straw Buyers and Mortgage Fraud

  
  Mortgage Fraud Blog — Authority: 135
  Judge Fashions Creative Sentence for Convicted Straw Buyer
  1 day ago

• Your Guide to Understanding Predatory Lending Laws & How to Report Mortgage Fraud

  
  Mortgage-Blog — Authority: 154
  There are lending practices that are abusive and predatory in nature. How can you identify these? Below are questions that could help you determine fraud in lending. If you answered “yes” to any of the questions, contact the appropriate agency/agencies. Source: Your Guide to Understanding Predatory Lending Laws ...
  1 day ago

• Mortgage fraud made possible with fake payslips from the Internet

  
  The Money Stop — Authority: 130
  Mortgage fraud is an issue that has been at the centre of a crackdown in the UK, with the difficult mortgage conditions that have been seen over the past couple of years resulting in a surge in mortgage related activity. An investigation was recently carried out by a national newspaper, the Observer, with one of [...]
  1 day ago

• Fake Mortgage Slips Make Mortgage Fraud Easy

  
  Mortgage online — Authority: 161
  Mortgage fraud is an issue that has been at the centre of a crackdown in the UK, with the difficult mortgage conditions that have been seen over the past couple.
  1 day ago

• Two Men Convicted in a Multimillion-Dollar Mortgage Fraud

  
  LoanWorkout.org — Authority: 145
  NEWARK, N.J.—A federal jury in New Jersey has convicted two men in a multimillion-dollar mortgage fraud and property flipping scheme involving homes in Paterson.Frederick Ugwu of Upper Saddle River and Amer Mir of Jersey City were found guilty Thursday following a six-week trial.Read more on Mercury NewsRelated ...
  2 days ago

• 15 Charged in 2 Separate Mortgage Fraud Cases

  
  Mortgage Fraud Blog — Authority: 135
  Charges were announced in two separate mortgage fraud cases involving almost $10 million in fraudulent loans. 1- United States v. Greta Medina, et al . These defendants are charged in a mortgage fraud scheme, which resulted in the approval and disbursement of approximately $7.9 million in mortgage ...
  2 days ago

• 2 Lawyers Charged in $3.9M Straw Buyer Scam

  
  Mortgage Fraud Blog — Authority: 135
  Dustin Dente , 38, West Islip, New York and Brandon Lisi , 36, Glen Cove, New York, have been charged with a scheme to defraud various lending institutions by using straw buyers to obtain over $3.9 million in home mortgage loans that they then stole for their personal use. Both defendants were previously charged ...
  2 days ago

• NY Attorneys Face Mortgage Fraud Charges

  
  North Country Gazette — Authority: 493
  NEW YORK—Two New York attorneys have been charged in a five count indictment for their alleged involvement in a $3.9 million mortgage fraud scheme.Dustin Dente and Brandon Lisi have been charged with a scheme to defraud various lending institutions by using straw buyers to obtain over $3.9 million in home mortgage ...
  3 days ago

• Australian Mortgage Fraudster Murdered

  
  LoanWorkout.org — Authority: 145
  The activities of murdered Sydney businessman Michael McGurk has again come under the spotlight – this time in connection with New South Wales’s biggest fraud investigation.Up to 260 people are wanted for questioning over the alleged $150 million scam which involves mortgage fraud.Police say former Bank Of ...
  3 days ago

• Promoter Sentenced For Mortgage Scam

  
  Mortgage Fraud Blog — Authority: 135
  William Roosevelt Cloud , 62  of Charlotte, North Carolina, was sentenced in federal court in Charlotte to a total period of imprisonment of 27 years, to be followed by three years of supervised release. The sentence also requires Cloud to pay restitution. The sentencing follows Clouds convictions in federal ...
  3 days ago

• Virginia Resident Charged with Commerical Bank Fraud

  
  Mortgage Fraud Blog — Authority: 135
  Osama M. El-Atari , 31, last known to have resided in Ashburn, Virginia is charged with two counts of bank fraud. Count one of the indictment alleges that, from March 2008 through November 2008, El-Atari defrauded First Place Bank in connection with commercial loans totaling $7.5 million dollars. The ...
  3 days ago

• Former County Investigator Admits Mortgage Fraud

  
  Mortgage Fraud Blog — Authority: 135
  Asha Ritchards , 31, Gloucester Township, New Jersey, a former Camden County Prosecutors Office Investigator pleaded guilty to one count of wire fraud, admitting she and a co-conspirator made fraudulent statements on an application to secured a residential mortgage. Ritchards  made her first appearance in ...
  3 days ago

• Former Loan Officer Convicted of Bank Fraud

  
  Mortgage Fraud Blog — Authority: 135
  Emma Vigil , 48, McAllen, Texas, former vice president and senior loan officer of Lone Star National Bank has been convicted of bank fraud. At the hearing, as previously reported on Mortgage Fraud Blog, Vigil admitted to using her position at Lone Star to conduct hundreds of thousands of dollars in ...
  3 days ago

• Father & Son Charged with Falsifying Loan Applications

  
  Mortgage Fraud Blog — Authority: 135
  Martin Gendel , 64, Montville, New York and Seth Gendel , 35, Long Island, New York, were indicted with their real estate firms they owned and operated, Casey Properties LLC , Lee Alan LLP and Andrea Management LLC , all based in Totowa for allegedly stealing approximately $4.5 million from mortgage ...
  3 days ago

• Order Filed to Stop Unlicensed Mortgage Activity

  
  Mortgage Fraud Blog — Authority: 135
  First Universal Lending , LLC , Palm Beach Gardens, Florida, a mortgage brokerage company was issued a cease and desist order stopping unlicensed mortgage activity. The order reflects that 24 Arkansas residents were solicited and accepted for mortgage loan modifications by First Universal Lending, LLC and ...
  3 days ago

• First Universal Lending: Florida Loan Modification Firm Shut Down

  
  LoanWorkout.org — Authority: 145
  Arkansas Securities Commissioner A. Heath Abshure issues a press release pertaining to the entry of an order directing First Universal Lending, LLC to immediately cease and desist from all mortgage loan activity in Arkansas until properly licensed.Source: Arkansas Securities Dept.Related Posts:21st Century Legal ...
  4 days ago

• Foreclosure Scams Use Mortgage Fraud

  
  Mortgage-Blog — Authority: 154
  Five defendants were indicted on 15 counts, a U.S. Department of Justice news release said. Through Axxium Mortgage Inc., delinquent borrowers were promised that their homes would be saved from foreclosure by finding investors. But instead, the defendants allegedly used mortgage fraud and straw borrowers to strip ...
  4 days ago

• Former Police Commissioner Pleads Guilty to Mortgage Fraud

  
  Mortgage Fraud Blog — Authority: 135
  BernardB. Kerik , 54, former Commissioner of the New York City Police Department and the Department of Corrections, pleaded guilty in White Plains federal court to eight felonies, two of which were separately charged in an Indictment in the District of Columbia. Kerik p leaded guilty to one count of obstructing ...
  4 days ago

• Plumber Admits to Real Estate Loan Fraud

  
  Mortgage Fraud Blog — Authority: 135
  Juan Carlos Alcala , 32, Windsor, California, plead no contest to nineteen felony counts and admitted three special allegations for defrauding real estate investors, money laundering, and elder fraud. By his pleas, Alcala admitted that the total loss resulting from his criminal activity exceeded $1,000,000.00. ...
  4 days ago

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