Michigan Mortgage Fraud Laws

Grand Rapids mortgage fraud attorneyMortgage fraud is now criminalized in Michigan and someone convicted of the crime can face up to 20 years in prison. That’s why if you are charged with mortgage fraud, it is important that you work with a Grand Rapids mortgage fraud attorney.

Generally, mortgage fraud is defined as the following intentional and knowing acts occurring during the mortgage lending process:

  • Making a false statement, misrepresentation, or concealing a material fact
  • Using false pretense
  • Receiving any money due to false statements or false pretenses
  • Filing a document with the register of deeds that deliberately contains a material misstatement
  • Failing to disburse funds as agreed upon at closing

The mortgage lending process can include any point where a person would receive a residential mortgage from the solicitation phase to the closing and funding process. This can include fraud committed during the application, origination of the loan, negotiation of terms, underwriting, or any other phase of the mortgage process.

Penalties for Mortgage Fraud

Mortgage fraud is considered a felony in Michigan, and it is very important to have a Grand Rapids mortgage fraud attorney in your corner. However, the exact penalties you face generally depend upon the value of the property at issue. For example, you typically face up to 15 years in jail and a possible $100,000 fine for mortgage fraud. But if the loan value of the mortgage exceeds $100,000, you could face up to 20 years in jail and a $500,000 fine.

In addition, each violation of the mortgage fraud law is considered a separate offense. So if you make a material misrepresentation, pocket money, and then file a deliberately false deed, you could face three separate charges.

Keep in mind that a variety of parties can be held liable for mortgage fraud, including individual homeowners, loan officers, and bank workers.

Contact a Grand Rapids Mortgage Fraud Attorney

Mortgage fraud is a very serious criminal charge. To prove the charge, prosecutors will introduce a lot of paperwork and complex evidence against you. As a result, you will need an experienced attorney who understands the charges and can investigate the charges and evidence brought against you.

If you have a question about mortgage fraud, contact Grand Rapids mortgage fraud attorney Jolene J. Weiner-Vatter at (616) 451-4446.

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