Mortgage fraud, known in full as residential mortgage fraud, is covered by Article 187 of the New York Penal Law. Normally, written statements are needed to apply for, close, or underwrite a mortgage loan. It is mortgage fraud when an individual knowingly and deliberately presents (or plans to present) such a written statement for monetary gain, and that statement either:
- Supplies false information.
- Withholds information.
If you are facing allegations of mortgage fraud, you could be facing years of incarceration — and in the long term, a felony on your record. Having a felony conviction in your past can prevent you from obtaining employment, housing, and even social connections. The charges are serious — you need a serious attorney to fight them. Call the law offices of Seth Koslow at (347) 561-0025, or arrange a consultation online. Consultations are always 100% confidential, and your first consultation is free.
Degrees of Mortgage Fraud
- 5th Degree – Applies to mortgage fraud up to $1,000. Class A Misdemeanor. Punishable by up to $1,000 in fines and one year in prison.
- 4th Degree – Applies to mortgage fraud in excess of $1,000. Class E Felony. Punishable by up to four years in prison.
- 3rd Degree – Applies to mortgage fraud in excess of $3,000. Class D Felony. Punishable by up to seven years in prison.
- 2nd Degree – Applies to mortgage fraud in excess of $50,000. Class C Felony. Punishable by up to 15 years in prison.
- 1st Degree – Applies to mortgage fraud in excess of $1,000,000. Class B Felony. Punishable by up to 25 years in prison.
Seth Koslow has a proven track record of success in handling even the most difficult cases, and he can bring that same level of legal expertise to you. Don’t wait until it’s too late. Get an experienced New York City mortgage fraud attorney on your side — contact Seth Koslow today.