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Residential Mortgage Fraud In The Third Degree: New York Penal Law 187.15

Mortgage fraud is a common occurrence in New York, especially since mortgage requirements changed so much in the past decade. The real estate bubble burst back in 2008, and that caused a serious recession in many areas of the country. New York residents were not immune to this, and many New Yorkers lost their homes following the bubble burst. Banks and lenders issued too many loans to too many people without the income to support the loans they were issued, and now banks are making it more difficult than ever to get a loan.

Securing a residential mortgage in New York isn’t hard, but it does require you have the credit score, the income, and the money to support what you want to buy. It’s not as easy as it was in the past, and many consumers are finding it more and more difficult to find the type of mortgage they want to buy the kind of home they want. This is why so many people are committing mortgage fraud. They might provide slightly false information to the lender they’re working with in hopes of getting a little more for their buck. Residential mortgage fraud in the third degree is one of the more serious forms of mortgage fraud.

What is residential mortgage fraud in the third degree?

There are several degrees of mortgage fraud in New York, and some are more serious than the others. The third-degree version of this crime is one of the more serious crimes you can commit when mortgage fraud is an issue. If you provide false information when applying for a mortgage, it’s fraud. It’s third-degree mortgage fraud when you net anywhere between $3,000 and $50,000 because of the lie.

It’s imperative you take note of the dollar amount. The various forms of mortgage fraud are classified based on the amount of money you get for the fraud you commit. It’s very similar to Grand Larceny in New York. If you steal between $3,000 and $50,000, it’s called third-degree grand larceny, and the same is true of mortgage fraud.

The penalties for this version of fraud are serious. You’ll face a minimum of two years and four months in jail, but you won’t spend more than seven years in jail for this crime. This is only if you are accused of this crime and you have never been convicted of another crime. If you were previously convicted of any felony in the past decade, you will face at least four years in prison.

What happens if I’m accused of this?

The best thing you can do if you are arrested and charged with mortgage fraud in the third degree is spend some time consulting with an attorney. The best defense is the fact that you didn’t know what you were doing. Perhaps you provided false information you didn’t know you were providing. Perhaps your husband or wife applied for the mortgage and falsified information to ensure you were approved for the amount you wanted for the home you fell in love with. They gave false information to the lender you didn’t know about, and you’re just guilty by association.

Whatever the case, you must have an attorney on your side to help you with this charge. It’s not going to bode well for your future if you have a felony conviction on your record, which is why an attorney is necessary. Even if you can’t prove you didn’t mean to do this or even know about it, an attorney can fight to have the charges reduced enough so that there is not a felony charge on your criminal background check.

A felony charge can prevent you from being hired for a good job, from being able to secure funding in the future for mortgages or other lenders, and it even makes it difficult for you to take care of your family. Let an attorney help you find the kind of help you need to prove your case. You can fight the charges, admit to it, and even make a deal to handle the situation in a way that benefits you differently than what the prosecution wants.

You should call an attorney right away so you have time to gather evidence, to present your case, and so you know what to say and what to keep to yourself. Once you are arrested, all things you say can be used against you in a court of law, which is why you must enact your right to an attorney. You aren’t required to speak to anyone without your attorney present, which is helpful. Call an attorney if you’ve been charged with residential mortgage fraud in the third degree.

by Leonard on Spodek Law Group
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