If you intentionally keep information out of your mortgage loan application or misrepresent information on your mortgage loan application in order to get a loan, you will be guilty of mortgage fraud. This is a crime in the state of Connecticut, and if charged, you should seek help from an attorney as soon as possible. For more information regarding mortgage fraud, read on.
Many times, this crime falls under the following categories:
- Bank fraud.
- Mail fraud.
- Money laundering.
- Wire fraud.
In the United States, the penalties for this crime can be severe. You can face a prison sentence of up to 30 years if you are convicted of mortgage fraud.
In the state of Connecticut, the penalties for this offense are:
- First offense (Class D Felony): 1-5 year prison sentence and a fine of $5,000.
- Subsequent offense (Class C Felony): 1-10 years in prison and a fine of up to $10,000.
As you can see, the consequences for mortgage fraud can be severe. You face time in prison as well as hefty fines. A judge may impose additional punishments, such as probation, community service, etc. To avoid serious crimes, you need to establish the best defense possible. This can be done with the help of criminal defense lawyer, such as the lawyers at Ruane Attorneys.