After the 2008 real estate crash Mortgage Fraud became a rampant crime in the United States. Developers were stuck with property that they could not sell. The real estate boom became a big bust. People started taking shortcuts to financially survive. The basic mortgage fraud case is where a group of realtors, developers, and bankers, use straw buyers (people that really don’t want the property) to buy property and never want or have the intent to buy or take possession. The banks do the financing based on the straw buyers’ credit, with the straw buyers getting a kickback. The developers pocket the money and the people in the chain that put the deal together all get various pieces of the pie. With the banks holding the bag, taking huge losses.
The government enforcement of mortgage fraud cases has been twofold. Historically these cases were prosecuted by the federal government. Because in most mortgage fraud cases the banks are the victim, the US Attorney’s office has become the primary leader in prosecuting these cases. Recently the number of these investigations has grown with the federal government’s resources to investigate and pursue these cases being stretched. State law enforcement agencies have started investigating and making arrests in mortgage fraud cases. Whether you are being investigated by State or Federal authorities, mortgage fraud crimes are very serious. The sooner you hire a lawyer the better. You will need a law firm that has the experience to do battle with the Federal or State government.
Most mortgage fraud investigations are very complex, and take time. You will probably know before you are arrested that you are being investigated for this type of crime. Law enforcement will be speaking with witnesses, gathering documents, and bank records to figure out whatever plan was in place to make the scheme work. If you believe you are being investigated for mortgage fraud, retain a criminal defense lawyer immediately. This class of crime carries very severe penalties, including lengthy prison sentences for the masterminds of the fraud scheme. A criminal defense lawyer will help you defend your rights and lessen the potential penalties you are facing. While extremely serious, a criminal defense lawyer will guide you through these complex cases and get you the best result possible.
Various types of federal fraud take place in Miami, Florida, including:
- White collar crime
- Health care fraud
- Tax fraud
- Money laundering
- Drug trafficking
- Public corruptions
- Mortgage and real estate fraud
- Computer/ internet fraud
- Securities fraud
- Government fraud
If you have broken a federal fraud law, there is likely going to be a serious investigation. You will be going up against the U.S. government and face serious ramifications. The U.S. government has a wealth of resources at their disposal and will stop at nothing to make sure justice is served. Do not risk a lengthy prison sentence—hire an experienced criminal defense attorney like Yale Galanter. Call the Law Offices of Yale Galanter, P.A. today at 305-440-4006.