Chicago Mortgage Fraud Lawyer

Skilled Attorneys in Chicago for Mortgage Fraud Charges

Mortgage fraud is a serious concern for many banks and financial institutions, and it can affect homeowners as well. When a person is accused of misreporting financial or personal information in order to obtain a mortgage loan, they may be charged with financial fraud, which is a serious offense. In other situations, a person may be accused of mortgage rescue fraud involving services provided to people who are looking to avoid the foreclosure of their homes. As with other white collar crimes, the penalties for mortgage fraud or mortgage rescue fraud can be very serious, and those who are accused of these offenses will need to understand the steps they can take to defend themselves.

If you are accused of mortgage fraud or similar offenses, it is important to know your rights and the options you may have to defend against a conviction. The attorney at the Law Offices of James F. DiQuattro can provide invaluable assistance in these situations, advocating for you throughout the legal process and helping you resolve your case while minimizing the impact on your life, your finances, and your reputation. By carefully examining the evidence in your case, negotiating with prosecutors, representing you in court proceedings, and advocating for your best interests, we will work to have your charges reduced or dismissed altogether.

Mortgage Fraud Charges

In most cases, mortgage fraud will fall under the categories of financial institution fraud or loan fraud. The offense of financial institution fraud may apply in situations where a person uses any methods to defraud a bank or mortgage lender and obtain money or other assets. Loan fraud may involve false statements or other falsified information to obtain a mortgage loan. In some cases, mortgage fraud may involve identity theft in which someone else's personal information is used to obtain a loan. In others, mortgage fraud may involve misrepresenting the value of a property in order to obtain a larger loan or to cause an institution to take actions such as executing a purchase agreement, renewing a loan, extending or deferring payments, or offering advances or discounts.

As with other types of fraud, the specific penalties for financial institution fraud or loan fraud will be based on the full value of the money or assets that were obtained through fraudulent actions. Because mortgage loans may have balances of several hundred thousand dollars, Class 1 felony charges will often apply. A person who is convicted of a Class 1 felony may be sentenced to four to 15 years in jail. If mortgage fraud involved amounts in excess of $1 million, a person may be charged with a Class X felony, and they could face a sentence of six to 30 years.

Mortgage Rescue Fraud

Homeowners who have encountered financial difficulties may be in especially vulnerable positions as they determine what options may be available to prevent foreclosure and the loss of their homes. To protect against predatory behavior that could affect homeowners or property owners, the state of Illinois has taken steps to address mortgage rescue fraud related to services that are meant to prevent foreclosure or help property owners continue living in their homes while giving them the option to resume ownership in the future.

"Distressed property consultants" may provide services to help stop or prevent a foreclosure sale, assist in reinstating or redeeming a loan, help a homeowner improve their credit, or otherwise help a person avoid the loss of their home. These consultants may be accused of fraud if they demand or collect compensation before fully performing services, use contracts that do not meet the proper legal requirements, take out a wage assignment against the property owner or a lien against the property, or otherwise fail to follow the correct procedures when providing services.

"Distressed property purchasers" such as title loan companies may purchase a home and allow the homeowner to continue living in it, while giving them the opportunity to reassume ownership of the home in the future. Distressed property purchasers may be accused of fraud if they misrepresent their services to property owners, do not return the title to a home to a homeowner once all requirements have been met, fail to pay off delinquent loans or fees after assuming ownership of the property, or impose unfair or unreasonable terms on a homeowner.

Mortgage rescue fraud is a Class 2 felony. A person who is convicted of this offense may be sentenced to three to seven years in prison, and they may face a maximum fine of $25,000.

Contact Our Cook County Mortgage Fraud Attorney

If you have been accused of mortgage fraud or any other type of white collar crime, it is crucial to contact an experienced criminal defense lawyer as soon as possible. At the Law Offices of James F. DiQuattro, we can help protect your rights and build a strong legal defense. Our attorney has extensive experience defending clients facing serious felony charges related to financial crimes. We will work diligently on your behalf to ensure that you can resolve your case successfully. Contact our firm by calling Law Offices of James F. DiQuattro at 312-627-9482 to set up a complimentary consultation and get more information about how we can assist with mortgage fraud charges in Chicago and Cook County.