Norfolk Mortgage Fraud Defense Lawyers
Virginia Mortgage Fraud Laws
Real estate agreements deal with a significant amount of property, money, or credit, which is why mortgage fraud has become a common white collar crime in Virginia, especially after the nation’s housing crisis. Unfortunately, making a mistake during a real estate transaction can not only compromise a deal, but it can also lead to criminal charges.
If you are being accused of mortgage fraud in Virginia, our legal team at Protogyrou Law is ready to help you navigate the complexities of criminal justice system and protect your rights and freedom. We can investigate your case, collect supporting evidence, and build an effective and personalized defense strategy to get the most favorable outcome in court.
Types of Mortgage Fraud
Mortgage fraud generally involves deception, falsification, concealment, or otherwise any misrepresentation of the facts to obtain a favorable deal regarding a home loan. In order to be convicted of mortgage fraud in Virginia, the prosecution must prove you intentionally made any materially false statement in order to procure personal property, currency, or credit.
Common types of mortgage fraud include:
- Property flipping
- Straw buyer scam
- Occupancy fraud
- Identity theft
- Income/asset falsification
- Lack of due diligence
What are the Penalties for Mortgage Fraud?
Mortgage fraud falls under the larceny laws in Virginia. If, for example, the fraudulent act involved less than $500, then the offense is a Class 1 misdemeanor. However, if the act involved more than $500, then it is considered grand larceny, which is a felony.
Additionally, mortgage fraud can be considered a federal crime if mail fraud, wire fraud, bank fraud, or conspiracy related to any one of these offenses is involved. Federal penalties are much harsher than state penalties. For instance, bank fraud carries a maximum 30-year federal prison sentence and a fine of up to $1,000,000.
Let Our Firm Defend You Immediately
Whether you are a buyer or an industry professional accused of fraud, you can rely on Protogyrou Law to provide you with knowledgeable and responsive legal representation from start to finish. We understand how serious the consequences of a conviction are, which is why we will do whatever it takes to avoid such a result at all costs.
Contact ustoday to speak with our Norfolk mortgage fraud defense attorneys.