Most people know about mortgage fraud by the borrower, but what about when it’s committed by the mortgagee? Court reporters in Miami can tell you that this is a very real crime.
What is the mortgagee? The mortgagee can be a number of different entities, but it has an interest in the property. The person who holds this interest could have been granted through an assignment, or it may come about as collateral for a loan. If there are two mortgages on one piece of property, so long as both mortgages were created simultaneously, they both will exist as equal and senior co-mortgages. That means that both mortgages have the same priority in relation to each other, but if one of those is defaulted on, it can be foreclosed upon first by the mortgagee (or lender), regardless of what happens with the other loan or assignment.
The main difference between this type of fraud and other types of fraud is that it typically involves misrepresenting information on behalf of the lender rather than the borrower. This means that your typical victim would be the bank or other lending institution that has provided financing for a property purchase. However, there are many ways to commit this type of fraud: The employee or mortgage broker could have allowed fake documents, perhaps helped create them, or didn’t pay attention to detail; if he found a bank willing to get approval for an application with fake documentation then the broker found a bank to get approval. Then the mortgage company finds out it was a fraudulent application. Any of these can be at fault: the employee or mortgage broker did not verify the documents; he allowed fake documents, perhaps helped create them, or ignored detail.
What are the consequences? In some cases, the employee or mortgage broker who committed fraud may be charged with forgery and/or making false statements to authorities. In other cases, there may not have been any deliberate intent on behalf of the employee or mortgage broker to commit fraud so he would not be charged. Depending on the circumstances, it may even result in jail time or fines for the employee or mortgage broker who committed fraud. According to Florida law, the maximum punishment is $15,000 in fines and 15 years in jail.
How can Court reporter Miami help? Court reporters in Miami can help with this type of case if you are an attorney or defendant due to the fact that Court reporters may be able to produce verbatim transcripts, which provide evidence for your case. It is important to work with Court reporters in Miami who are familiar with criminal law and procedure, so you can make sure that your case is adequately supported by evidence.
Roy J. Kahn, with years of legal experience in a wide variety of criminal law, heads a “boutique” firm, which means that your attorney is Roy J. Kahn, not a paralegal. If you have been charged or are about to be charged with a crime—or if you have been contacted to be a witness in a federal grand jury case, you need a qualified defense. You should consult with an attorney immediately and know that you have a right to make no statement until you have consulted with an attorney To contact Mr. Kahn, he can be reached at 305-358-7400.
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