Free Consultations & We're Available 24/7

Call for a free consultation

212-300-5196

Spodek Law Group

✓Concierge Service. A+ Results.
✓Over 40 Years of Experience
✓Available 24/7
✓We Get Cases Dismissed

Talk To An Attorney

Service Oriented Law Firm

WE'RE A BOUTIQUE NYC CRIMINAL DEFENSE LAW FIRM. YOU WORK WITH ONE OF OUR SENIOR ATTORNEYS PERSONALLY.

Over 50 Years Experience

WE'RE ONE OF NEW YORK'S OLDEST CRIMINAL DEFENSE LAW FIRMS. TRUST 50 YEARS OF EXPERIENCE.

Multiple Offices

WE HAVE OFFICES ALL OVER NYC, AND LONG ISLAND. WE MAKE IT EASY TO MEET AND SPEAK TO AN ATTORNEY.

Residential Mortgage Fraud In The First Degree: New York Penal Law 187.25

Buying a home is a wonderful feeling for anyone who wants to realize their own version of the American Dream. Homeownership is almost always a wise investment, and many New York families are excited to purchase a home of their own. You get to own a piece of land. Every dollar you spend on your home is going to come back to you in the future if you decide to sell after your property increases in value. It’s a wise investment, and it’s one you should not enter into lightly.

Buying a home in New York is a complicated process, just as it is in any other state. It’s time-consuming, and there are many factors associated with buying a home. The first is the financial aspect. Can you afford to buy a home? If you have the cash to pay outright for your new home, you’re in a good situation. If you haven’t the cash to spend on a house, however, you might decide it’s a wise decision to secure a mortgage.

A mortgage is a loan issued by a lender to a borrower. You are the borrower. The bank pays for your home, and you spend 15 to 30 years paying the bank a monthly payment as repayment for purchasing your home for you. You get to spend this time paying for your home until you own it, and that’s when it becomes your home. To get a loan, you must first apply for a preapproval with a lender. Preapproval occurs when you allow a lender to check your credit, your income, and you provide some paperwork to prove you have the funds to make a mortgage payment each month.

Buying a Home in New York

Once a lender has decided you are a good candidate for one of their mortgage options, you get to go out and search for the home of your dreams. The bank tells you how much you can afford to spend on a home, and you must stay under that limit. Once you choose a home, you put in an offer. Once the offer is accepted, you move forward with the mortgage. This means providing financial documents and other documents to the bank so they can verify your income and be sure you can really afford to buy this home.

Once all the paperwork is received and the bank sees it matches what you told them about your income and assets, they move forward with the loan. Once the paperwork is complete, you go to a closing and buy your home. Now you are a homeowner, but that doesn’t mean your American Dream has been realized if you decided to fudge even just a little on your mortgage documents.

Residential Mortgage Fraud in the First Degree

When you apply for a home loan, you are promising to repay a bank the money they are lending you to buy a home. Homes are not inexpensive, and this means the bank wants to be entirely certain you can afford to repay the money you are borrowing. If you don’t think you can afford to buy a home on the income you have or you just want a home that’s a little more expensive, you might decide to doctor your documents to make it appear you have a bit more money than you do. The bank then sees this as a guarantee you have the income to support your purchase when you really do not.

Lying to obtain a mortgage whether it’s about your marital status, your income, or anything else is considered residential mortgage fraud. Lying on a financial application to purchase a home is against New York Law, and it comes with serious consequences. It’s a class B felony. You could spend as few as one year in jail and as many as 25 years in jail for committing this crime.

If you are a first time offender, you are more likely to serve a smaller sentence. If you have a previous criminal conviction on your record, however, you’re going to face a much longer sentence. If you are accused of mortgage fraud, it’s imperative you call an attorney right away. An attorney can help you get through this case, prove you didn’t know what you were doing or that you didn’t do it at all.

Call an Attorney

There are so many reasons to contact an attorney in a case like this, and it helps to know when to call. An attorney should be called the moment you are given permission by the police to call one. Anything you say at this point can be used against you, which is why you must call an attorney. The police are not permitted to speak to you when you engage your right to have an attorney present, and your attorney is required to keep anything you say to him or her confidential. Call an attorney right away to help with your case.

by Leonard on Spodek Law Group
Awesome Lawyers

Spodek Law is a great firm. They are super pragmatic

Request Free Consultation

Videos

Newspaper articles

Recent Case Results

Testimonial

Very diligent, organized associates; got my case dismissed. Hard working divorce attorneys who can put up with your anxiousness. Definitely A law group that lays out all possible options and best alternative routes. Recommended for sure.

- ROBIN, GUN CHARGES ROBIN

Get Free Advice About Your Case

Spodek Law Group

140 Broadway 46th Floor,

New York, NY 10005

Phone

212-300-5196

Fax

212-300-6371

Spodek Law Group

35-37 36th St,
Astoria, NY 11106

Phone

212-300-5196

Fax

212-300-6371

Spodek Law Group

195 Montague St.

Brooklyn, NY 11201

Phone

212-300-5196

Fax

212-300-6371

Follow us on
Call Now