Mortgage Fraud Crime

Hock Law Group – Protecting Your Rights against Charges of Mortgage Fraud

As the United States government begins to grapple with the crumbling domestic economy, more and more scrutiny is being applied to the potential causes of the current meltdown.  One of the foundational causes of this problem that’s been widely identified is the issue of under-market mortgages. 

In short, the public is upset at the result of this market development, and politicians tend to make it their business to satisfy and react to public outrage.  As such, the Arizona legislature has made it public policy to enact specific and strict laws designed to punish those convicted of mortgage fraud in a harsh manner. 

If you are someone who could face prosecution for such a crime, you need to be sure that you take immediate steps to protect your rights as guaranteed under the US Constitution.  Contact the criminal defense attorneys at the Arizona law firm of Hock Law Group today to schedule an initial consultation. 

A Brief History

Although many would assume that this mortgage issue has only become a problem in 2008, the history of the issue in Arizona traces back to 2007.  In May of 2007, the FBI published a report on the mortgage fraud issue.  In the report, the FBI laid out the most common schemes and acts that have led to the mortgage crisis and its allegation of a burgeoning market for mortgage fraud. 

Additionally, the FBI mentioned specific states where mortgage fraud was most common.  While Arizona was not named to the ‘top ten’ list of states suffering from the effects of this problem, it was mentioned specifically as a state that was ‘significantly affected’ by the mortgage fraud issue.

Only one month later, the Arizona legislature enacted a statute specifically designed to prosecute those charged with mortgage fraud.  Until that statute was passed, prosecutors generally relied on less specific fraud statutes, which did not always lend themselves to the specific facts at issue in a particular case.

The Arizona statute, passed in June of 2007, lays out the definition of mortgage fraud and also defines the classifications of these crimes in terms of how they should be punished upon a conviction.  If a defendant is convicted of one act of mortgage fraud, he or she is convicted of a Class 4 felony, which carries the potential punishment of up to 3.75 years in prison.  If a defendant is convicted of committing a ‘pattern’ of mortgage fraud, he or she is convicted of a Class 2 felony.  A Class 2 felony in Arizona carries a potential punishment of up to 12.5 years in prison.

These prison terms defined above do not include potential fines, penalties and restitution that could be ordered upon a conviction.  Additionally, a convicted defendant can face civil lawsuits that tend to arise after a defendant is convicted of mortgage fraud.

Your Next Step

If you face this problem, you must act now to build a strong defense.  Contact the Arizona law firm of Hock Law Group today to schedule an initial consultation with an experienced criminal defense attorney.