Arizona Mortgage Fraud Crime information

Hock Law Group - Helping Fight Charges of Mortgage Fraud in Arizona

One of the main causes of the current financial crisis that grips the United States can be traced to the mortgage market.  Millions of people have suffered through foreclosures, and in Arizona many are at risk of losing their homes.  There are many causes for this problem, and when the government gets involved in response to an issue that’s paramount on the mind of the collective public, prosecutions tend to rise for that particular issue.

As such, officials in Arizona are beginning to push investigations forward, to make arrests and to prosecute alleged criminals for mortgage fraud.  The process of obtaining a mortgage involves many steps, and the potential for fraud exists within every one of these steps.  If you are facing potential prosecution for mortgage fraud in Arizona, you need to take immediate steps to protect your rights.  Contact the criminal defense attorneys at Hock Law Group today to schedule an initial consultation. 

Recent Developments

As the mortgage issue gained more notice, the Arizona legislature reacted immediately.  They proposed and passed a mortgage fraud statute that lays out specific definitions and crimes.  A few tenets of this statute appear below.

Residential mortgage fraud; classification; definitions in Arizona

Section 1. Title 13, chapter 23, Arizona Revised Statutes, is amended by adding section 13-2320, to read:
13-2320.

A. A PERSON COMMITS RESIDENTIAL MORTGAGE FRAUD IF, WITH THE INTENT TO DEFRAUD, THE PERSON DOES ANY OF THE FOLLOWING:

1. KNOWINGLY MAKES ANY DELIBERATE MISSTATEMENT, MISREPRESENTATION OR MATERIAL OMISSION DURING THE MORTGAGE LENDING PROCESS THAT IS RELIED ON BY A MORTGAGE LENDER, BORROWER OR OTHER PARTY TO THE MORTGAGE LENDING PROCESS.
2. KNOWINGLY USES OR FACILITATES THE USE OF ANY DELIBERATE MISSTATEMENT, MISREPRESENTATION OR MATERIAL OMISSION DURING THE MORTGAGE LENDING PROCESS THAT IS RELIED ON BY A MORTGAGE LENDER, BORROWER OR OTHER PARTY TO THE MORTGAGE LENDING PROCESS.
3. RECEIVES ANY PROCEEDS OR OTHER MONIES IN CONNECTION WITH A RESIDENTIAL MORTGAGE LOAN THAT THE PERSON KNOWS RESULTED FROM A VIOLATION OF PARAGRAPH 1 OR 2 OF THIS SUBSECTION.
4. FILES OR CAUSES TO BE FILED WITH THE OFFICE OF THE COUNTY RECORDER OF ANY COUNTY OF THIS STATE ANY RESIDENTIAL MORTGAGE LOAN DOCUMENT THAT THE PERSON KNOWS TO CONTAIN A DELIBERATE MISSTATEMENT, MISREPRESENTATION OR MATERIAL OMISSION.

Those convicted of one count of mortgage fraud face punishment in accordance with a Class 4 felony.  Anyone convicted of engaging in a pattern of mortgage fraud could be convicted of a Class 2 felony.

Your Next Step

As you can see, the Arizona legislature has taken specific action to punish those convicted of mortgage fraud.  If you face this problem, contact the criminal defense attorneys at Hock Law Group today to schedule an initial consultation.