| Today, the level of white-collar crime is on its | | | | in order to get approval for loan. |
| highest. White-collar crime basically refers to a | | | | Mortgage fraud is also different from predatory |
| crime committed by person of high ranking | | | | lending with the former harming those working in |
| positions in the course of their job. White-collar | | | | the mortgage industry and the latter harming the |
| crime usually comes in the form of a threat, | | | | borrower themselves. There are several schemes |
| bribery, unfair promotions, deception, unfair | | | | by which this type of fraud can be done, |
| practices, frauds and cheating in accounts, | | | | foremost of which is property flipping. Although |
| documents, stock etc. This is in contrast with the | | | | property flipping is generally considered to be legal, |
| crimes known as blue-collar crimes - rape, murder, | | | | creating fraudulent appraisals and doctoring |
| and homicide, among others. Of all these types of | | | | documents are considered illegal. |
| white-collar crime, nothing is more prevalent today | | | | Another popular fraud scheme is known as |
| than mortgage fraud. | | | | backward application. This involves checking first a |
| Because of the cunning that most white-collar | | | | property to buy and then customizing income as |
| criminals have, it is typically hard to nip it in the | | | | well as doctoring documents in order to fit the |
| bud and would usually only go to court when | | | | loan criteria. Some borrowers also do air loans. |
| millions of dollars have already been carted away | | | | This is when a loan is made with no underlying |
| by the criminal or criminals involved. There have | | | | security or collateral. |
| also been cases wherein people have committed | | | | Being charged with mortgage fraud is no laughing |
| mortgage fraud without intentionally doing so. | | | | matter. Once proven, you can face many years |
| One of the things that you need to keep in mind | | | | in prison as well as be made to pay fines and |
| is that mortgage fraud can come in two forms - | | | | restitutions. Once you are aware of the presence |
| as fraud for profit and fraud for housing. The | | | | of a mortgage fraud or you have been charged |
| former involves revolving equity and inflating the | | | | with this type of fraud, you would need to get in |
| value of properties. Issuing loans based on | | | | touch with a mortgage fraud attorney. This is |
| fictitious properties is also considered to be a | | | | especially important if you are residing in states |
| fraud for profit. Fraud for housing or fraud for | | | | where there is a very strict law concerning |
| property, on the other hand, is done in order for | | | | mortgage fraud such as Arizona and Florida. A |
| the borrower to acquire or maintain ownership of | | | | mortgage fraud attorney can help determine your |
| a property. In this case, the borrower usually | | | | degree of liability. They would also be able to |
| doctors his income as well as employment history | | | | defend you should your case result to a lawsuit. |