In recent years, New York has a rise in mortgage fraud and real estate fraud. As a result, the federal government has become active in investigating and prosecuting alleged mortgage fraud schemes involving investors, brokers and straw buyers. Because the consequences of conviction are so severe, it is critical to hire an experienced defense lawyer who can provide you with proper representation in mortgage fraud or real estate fraud cases.
Emouna & Mikhail, P.C., has a wealth of knowledge and experience handling mortgage fraud or real estate fraud. We provide aggressive criminal defense representation to investors, brokers, alleged straw buyers and other individuals facing allegations of mortgage or real estate fraud.
Mortgage fraud/real estate fraud involves schemes to defraud a federally insured lending institution (a bank). There are various mortgage fraud schemes, ranging from silent second schemes and foreclosure schemes to schemes involving inflated appraisals and air loans. Most mortgage fraud or real estate fraud cases involve one of the following:
Nominee/straw buyer loans to purchase property: A straw buyer is used to purchase property for an investor who may not otherwise have qualified for the loan due to multiple other property loans. While the investor had the intention to resell the property within months for profit, the sudden drop in the market causes the investor to default and get caught in the property flipping scheme. While the property flipping scheme had legitimate and legal intentions, the investor faces fraud charges for the deception used to purchase the real estate.
Inflated appraisals: Straw buyers are used to purchase property on behalf of an investor. The property is sold and repurchased several times, each time at a higher price through the use of corrupt appraisers, title companies and other individuals. Proceeds are often pocketed by the investor, appraiser, broker or other interested party.
Mortgage fraud and real estate fraud charges are very serious. Defendants may be prosecuted not only on the actual loss caused by the mortgage fraud scheme, but also on the intended loss. While prosecutors use every tactic available to inflate the intended loss in federal mortgage fraud cases, Emouna & Mikhail, P.C., has the experience to effectively challenge the valuations and minimize the intended loss, thus reducing the potential consequences his clients face.
If you are facing allegations of real estate or mortgage fraud, contact Emouna & Mikhail, P.C., to discuss your case.