If you find yourself being accused of mortgage fraud, then it is important that you get yourself a good mortgage fraud solicitors. The punishment for being found guilty of mortgage fraud can be very severe and can find you owing thousands of pounds and/or being placed in jail. Therefore, it is important that your legal representative knows everything about your case. This is particularly true if the case has come about as a result of a mistake on either your part or the mortgage company. The solicitors will be able to present your case in the best light and ensure that the case is dealt with in the right way.
Mortgage fraud by false representation is committed when someone has deliberately either concealed some information or presented incorrect information in order to make a gain, or cause someone else to suffer a loss, expose them to a risk of a loss. This last one is particularly true for mortgages. This could be where someone, for example, states that their income is much higher than it is or fails to mention that they have recently lost their job, in anticipation of getting a new one immediately. This means that the mortgage company doesn’t have the full information about you in order to be able to decide about the risk you might pose to them.
Failure to Disclose Information
This is slightly different from false representation. This is where you fail to make a disclosure of certain information that you are legally required to disclose. For example, you might fail to inform the mortgage lender that you were previously known by another name, or that you have unspent criminal convictions. The important point is that there must be a legal requirement to disclose that information and that by not disclosing the information you intend to profit from or cause the mortgage company to suffer a loss or not be able to correctly evaluate your risk.
Mistakes that lead to Mortgage Fraud
If this has come about as a result of a genuine mistake, then you shouldn’t be found guilty of mortgage fraud because it requires the deliberate intent to gain by the ‘mistake’. The most common type of mistakes that can lead to mortgage fraud are in the individual’s identity, the individuals income, their employment, their debt obligations, the source of funds other than the mortgage for buying the property, the value of the property and the price paid for the property including any direct payments between buyer and seller. You should, therefore, ensure that on all of the paperwork that you see from the mortgage company has all of the details correct.
If you find yourself in a situation where you are being charged with mortgage fraud, then you need to get yourself a good solicitor. The punishment for mortgage fraud can be up to 10 years in jail, so it is a serious offence. A solicitor will help defend your case.