CALIFORNIA RANKS 4TH IN MORTGAGE FRAUD
Mortgage fraud has topped $1 billion in the past decade and California places 4th on a national list of mortgage fraud offenders for 2007. Beating out California is Florida at number 1, Nevada at number 2 followed by Michigan. FBI statistics show 46,700 mortgage fraud reports in 2007 alone, up 30% from last year. Common types of mortgage fraud include misrepresenting employment history, falsified tax returns, inflating income and providing false financial documents.
Orange County, California houses many of the top mortgage companies in the country. Therefore, many of these complaints and allegations are likely to find their way to the Orange County District Attorney’s Office, the California Department of Corporations, the California Department of Real Estate, the US Attorney or the California Attorney General’s Office.
If you are being charged with mortgage fraud in Orange County, Los Angeles County, Riverside County or San Bernardino County either as an applicant or as a licensed mortgage broker, you need to find a knowledgeable criminal defense lawyer who can guide you through the process and protect your rights. If you are not adequately represented you may increase your criminal exposure and possibly lose your brokers license.
The loss of your professional license can be devastating not only to you but to your family as well. Allegations of fraud in the mortgage industry alone may trigger reporting requirements. I cannot emphasize enough the need to contact a top criminal defense lawyer who can help you understand licensing laws and self-reporting statutes so you don’t lose your license.
