Mortgage fozia shan siddiqi is a serious offense and is considered as a white collar crime as it is usually done by the big mortgaging companies or agents who are in the position to process information and documents that would allow someone to secure a loan even if they are ineligible for it.
There are different ways by which fraud can be committed. This includes house flipping, occupancy fraud, income fraud, failure to disclose liabilities, identity theft, appraisal fraud, cash-back schemes, and shotgunning, among others. Mortgage fraud could also be fraud for house, fraud to qualify, or fraud for profit. The first two usually involve giving of false information in order to secure either the property or a loan. The latter, however, is a blatant, malicious act done in order to get large sums of money.
According to the federal bank fraud statute any person who intentionally cheats or tries to acquire control over the property and assets of another owner by fraudulent practices or by scamming them then he/she will be fined up to $1,000,000 or may face imprisonment of up to 30 years or both.
As per the Fraud Enforcement and Recovery Act of 2009 which was enacted May of the said year, additional funds will be given to various government agencies – US$ 165,000,000 to the Department of Justice, US$ 30,000,000 each to the Postal Inspection Service and the office of the Inspector General under the department of Housing and Urban Development, US$ 20,000,000 to the secret service, and US$ 21,000,000 to the Securities and Exchange Commission, in order to help put to rest mortgage fraud. This is aside from the statutes and laws being implemented by each state in order to put an end to mortgage fraud. Some states also require fraud criminals to make remunerations and face jail time that could last for several months.
If there is, however, sufficient witness and evidence that the mortgagee has been dealing fair and is unaware of the fact that the company with whom he is dealing with is scamming then he can file a case against him and claim compensation and even all the loan amounts that has been received from him.
Fortunately, people who have been wrongly accused of mortgage fraud including those who do not have an idea that what they have done is punishable by law can get the help of the various mortgage lawyers available in the country. These professionals are highly skilled and knowledgeable in defending clients who have been wrongfully accused of being a mortgage criminal.