Criminal Defense Attorney in St. Louis, MO
According to the Federal Bureau of Investigation, "Mortgage fraud
schemes employ some type of material misstatement, misrepresentation,
or omission relating to a real estate transaction which is relied on by
one or more parties to the transaction." If you are facing mortgage
fraud accusations, secure tough defense. Call a St. Louis fraud defense
attorney at The Hammer Law Firm, LLC by calling (888) 494-1393 for a free
and confidential evaluation of your case.
Types of Mortgage Fraud Schemes
The FBI recognizes nine major forms of mortgage fraud schemes, including:
- False rescue schemes: These programs claim to be able to help people save
their homes and avoid foreclosure.
- Loan modification fraud: Loan modification is one way for homeowners to
avoid foreclosure. However, some loan mod programs are fraudulent.
- "Flipping" properties: Property flipping is purchasing a home
for the purpose of upgrading it and selling it for a profit, but there
are ways this can be done illegally.
- Builder bailouts: According to Freddie Mac, this is "Creatively disguis[ing]
a fraudulent home sale as a legitimate transaction, colluding with real
estate appraisers, mortgage loan brokers, and settlement agents in the
perpetration of this type of fraud."
- Equity skimming/stripping: This type of scheme is widely considered a type
of predatory lending. This usually occurs when a homeowner has been notified
of foreclosure, and then an investor buys the home to lease to the previous owner.
- Silent second: This type of scheme involves taking out a second mortgage.
It has called "silent" because the lender of the first mortgage
does not know about the second.
- Home equity conversion mortgage: This type of mortgage can be legitimate
if it complies with § 4235.1 of the U.S.C.
- Fraudulent commercial loans: One prevalent form of fraud is commercial
real estate financing fraud.
- Air loans: Put simply, this type of fraud takes place when a mortgage broker
enters into an agreement with a borrower in attempts to defraud them.
Contacting The Hammer Law Firm, LLC
The Hammer Law Firm, LLC handles all types of mortgage and real estate
fraud related offenses. If you have been accused, arrested, or charged
with mortgage fraud, contact our firm today. We have more than 30 years
of collective experience and have handled over 100 jury trials. For aggressive
defense you can count on, call us today at (888) 494-1393.