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Loan modification as a type of mortgage fraud

Most people in Tennessee have heard the term “white collar crime” but may not know all of the different types of things that can be classified as such. As with any type of criminal charge, an accusation does not mean that you are guilty. Additionally, there are times when something may appear to be fraudulent but in reality is not.

The housing crisis of a few years ago brought a lot of light to the subject of mortgage fraud but, again, not everyone in the industry is a fraudster. What are some types of mortgage fraud? According to the Federal Bureau of Investigation, a person who does not provide full or accurate information on a mortgage application can be accused of mortgage fraud. Industry professionals can be accused of fraudulent actions in order to generate profit related to mortgages.

One example of a mortgage fraud scheme involves loan modifications. In these situations, homeowners who are experiencing difficulties in making their mortgage payments are offered the opportunity to adjust their loan terms. They would be asked to pay a fee to the loan modification professional in order for that person or entity to negotiate with the loan holder. In cases where the loan is not modified, the homeowner may end up losing the house.

To learn more about white collar crime charges, please feel free to visit the mortgage fraud page of our Tennessee criminal defense website.

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