Mortgage Fraud is where information is misrepresented on a mortgage loan application to obtain a loan that could not have been obtained if the correct information had been supplied. Our property fraud solicitors are experienced in dealing with allegations of mortgage fraud and are ready to help.
Mortgage Fraud FAQ
The Fraud Act 2006 covers fraud by false representations and by failure to disclose information where there is a legal duty to disclose. Fraud is a deception to secure unfair or unlawful gain by a person for personal or economic gain, and the Proceeds of Crime Act 2002 states that Money Laundering takes place when individuals or criminal groups acquire use or have possession or transfer of the criminal property.
Types of mortgage fraud
Types of mortgage fraud include Employment Fraud where a person gives information that they were employed in a non-existing business or presents false accounts to obtain a mortgage where otherwise they would not have been able. Another type can be valuation fraud, where the value of the property is overstated.
Another type of Mortgage Fraud can be income fraud, where a person overstates their income. Identity fraud is also an issue where a person assumes the identity of someone else, perhaps a deceased person to obtain a mortgage. It is important to contact our property fraud solicitors today if you are facing an allegation.
Penalties if convicted
This is a serious crime, and so there can be serious consequences if found guilty. Like many fraud cases, many factors are taken into account, such as the amount of money defrauded. Sentencing can range from fines and no imprisonment to lengthy prison sentences.
In the past, our property fraud solicitors have assisted in defending mortgage fraud accusations and indeed have been involved in one of Britain’s longest-running trials involving mortgage fraud.
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