Mortgage fraud defence solicitors - manchester
Mortgage fraud solicitors can help you to defend yourself against a claim of making a fraudulent mortgage application in order to get approval or to misrepresent the estimated value of the property.
Accusations of mortgage fraud are very serious, as the sums of money involved are large and the punishments can be severe, including financial penalties and several years in prison. On top of all of this, your family's home is at risk if you are found to have obtained the funds to buy it fraudulently.
Working with our specialist mortgage fraud solicitors can improve your chances of successfully defending a claim of mortgage fraud, by demonstrating that the information you provided throughout your application was accurate to the best of your knowledge.
Our specialist fraud solicitors are experienced in mortgage fraud cases and a wide range of other fraud defences, so to get us in your corner, call Draycott Browne as soon as you can on +44 (0)161 452 7677.
What is mortgage fraud?
There are two main reasons why people commit mortgage fraud or why somebody might suspect that you have done so.
The first is to get a mortgage that you are not actually eligible for - such as by falsifying information on your application, misrepresenting your income and earnings, or by some other method that makes you look like more of a 'prime' borrower to your mortgage provider.
Second to this is mortgage fraud that increases the apparent value of the property, allowing larger loans to be secured against properties of lower value. In many large-scale mortgage fraud schemes the motivation is to gain access to larger sums of money in this way.
Who commits mortgage fraud?
Mortgage fraud can be committed by individuals - often referred to as 'borrowed fraud' because it affects eligibility or amounts that can be borrowed.
Borrowed fraud is likely to involve only one property or a very small number of properties and is often committed by people who feel that they would never be able to get approved for a mortgage to buy their own house any other way.
There are also larger mortgage frauds, known as professional fraud, committed by organisations and even by groups of companies and individuals.
Professional fraud may be committed by estate agents, accountants, mortgage brokers, and even by representatives of the mortgage lender.
Types of mortgage fraud scheme
Simply lying on an application form is a type of mortgage fraud, especially if you know that you are doing so on purpose to increase your chances of getting approved or to increase the amount you can borrow.
But there are also organised mortgage fraud schemes used to obtain funds by deception from mortgage lenders.
Some examples of these include:
Air Loans - Mortgages in the name of a non-existent person or secured against a non-existent property.
Builder Bailout - The seller agrees an artificially inflated selling price and pays an amount in secret to the buyer to cover the difference.
Double Sale - Using the same property as security on multiple mortgages while the lenders believe they have the only charge against it.
Flipping - Buying a property then quickly selling it on at a fraudulently inflated price.
Ponzi Schemes - Selling opportunities (including property) at inflated prices to investors based on fraudulent risk-return estimates.
Straw Buyers - The name and income details on the application form are not those of the person who intends to occupy the property.
There are also occupancy frauds similar to straw buyers, for example if you apply for a buy-to-let mortgage citing rental income as part of your ability to meet your repayments, but then choose to live in the property instead of renting it out.
It's a list that goes on and on, but in principle it comes down to whether or not you knowingly misled the lender on your application form or in any of the information you provided them about yourself or the property.
What are the penalties for mortgage fraud?
The penalties for mortgage fraud can be severe and it is likely that you will lose the property, which will affect anyone else who lives there.
For any individuals found guilty of mortgage fraud, you may be required to pay back any illegally obtained funds and you could be fined a large amount on top of that.
In many cases those found guilty are also imprisoned for several years and the long-term implications include a criminal record and likely difficulty in obtaining any kind of lending, from loans and mortgages to credit cards and mobile phone contracts.
How we can help you
Draycott Browne have more than 20 years' experience working with accused parties in all kinds of fraud defence cases, including a wide variety of different types and values of mortgage fraud.
We can help you to decide what to say in your defence and will work diligently to identify errors in the accusations and evidence held against you.
By working to reduce the evidence against you and to disprove the allegations while also building the strongest possible defence for you, we have a strong success rate in tipping the balance to make a guilty verdict less likely.
The sooner Draycott Browne are involved, the more likely it is that you will be found innocent, as we can help you to know what to say in your initial interviews and any evidence you supply to the police and other investigators.
Because of this, if you stand accused of mortgage fraud, please contact us as soon as you possibly can on +44 (0)161 452 7674.
24 hour availability
You can contact us at any time, day or night. When you call Draycott Browne you can reach our legal advisors 24/7, so if for any reason you are arrested on suspicion of mortgage fraud at night, we can still assist.
Again, please don't delay in contacting us, even if your arrest takes place at night. The sooner we are aware of your situation, the sooner we can start to build your defence and the sooner you can regain your liberty.
Legal aid is available in some cases to cover the cost of defending your name. If you are interested in applying for legal aid, please let your Draycott Browne solicitor know as we will be able to help you understand the process of applying for legal aid.
Especially in mortgage fraud cases where you may already have substantial debts, an early application for legal aid can help your case to proceed without delay and give you the best possible legal representation.
The Draycott Browne legal team is available 24 hours a day, 7 days a week, and we represent clients across Manchester, the Greater Manchester region and the North West as a whole.
If you need legal representation or you know someone who has been arrested on a charge of mortgage fraud - or any other type of fraud allegation that we can help to defend - please give us a call on +44 (0)161 452 7677 so we can help you with the next steps.