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NY Mortgage and Creditors Fraud

Today we want to take a look at the laws regarding mortgage and creditors fraud as they stand in New York State. It is important to understand the various parts of the law associated with this part of the justice system.

Fraud In Insolvency

A person who swoops in and takes charge of any part of a debtor’s estate when that debtor has declared themselves to be insolvent is guilty of this type of crime. Essentially what is happening here is that a person is taking over at least a portion of the property that another person rightfully owes to their debtors. It is not fair because the creditors are supposed to have the first bite at that apple as it were. However, this is something that often gets tangled up in people’s greed and can result in this crime being committed. You are looking at a Class A Misdemeanor if you commit this crime in New York.

Fraud In Discharge Of Mortgaged Property

Similar to the fraud in insolvency charge, this charge comes into play when a person has willfully attempted to defraud a mortgagee when they sell a mortgaged property. It happens more often than we like to think for the simple reason that mortgages are complex documents that many of us do not fully understand. When we are left in the dark as to exactly what is happening with some legal matter like this, it often means that we are left to try to sort something out that we have no business trying to work out. It is not an easy situation to be in, but many of us find ourselves swimming against the current with this one at the end of the day.

When You Can’t Be Prosecuted

If you take out a mortgage with the intent of occupying the space that you are getting the mortgage out on, then you are not going to be charged with a mortgage fraud related crime at any point. You will have done everything correctly in the sense that you are simply borrowing some money now in order to pay for the space that you intend to live in going forward into the future.

Fraud Comes In Many Degrees

There are different degrees of mortgage fraud. You have to understand that you are not going to be prosecuted in the same way if you defraud someone out of a few thousand dollars as compared to someone who is defrauded out of millions of dollars. The state of New York recognizes that there is a big difference between those levels of crimes.

There are five different degrees of crime that a person may be charged with as it relates to mortgage fraud. The bigger the scale of the fraud in dollar terms, the longer the potential sentence is for that crime. In other words, the punishments are meant to match up with the level of criminality that we are talking about.

Hiring An Attorney

It is absolutely vital that you hire an attorney in the event that you are charged with mortgage fraud. The reality is that most of us have absolutely no idea how we would defend ourselves if we were ever to be charged with such a crime. We are not experts on these matters and do not really know the law and how it might be doled out. That is okay because it is not our job to know these things. However, a professional attorney will know what to do and can guide you in the right direction to help you figure it all out.

When you go looking for an attorney make sure that you find one who knows the mortgage fraud laws inside and out. He or she should be able to tell you what level of trouble you may be in given the circumstances. More importantly, that person should be able to provide for you a valuable defense that you can use in court to protect yourself from the worst possible outcomes of the charges pressed against you.

Anything that you have to spend to keep yourself away from being charged with mortgage fraud is well worth the money. The fact of the matter is that you just never know what could happen as a result of a criminal charge like this. Keeping your defenses up is the best policy going forward. Never let your guard down and get someone who really knows what they are doing when defending you in court. These are complex cases, and a good lawyer will have to explain out the details to a jury in a way that they can understand. You will want someone who can do that and who has your very best interests at the heart of what they do.

by Leonard on Spodek Law Group
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