Mortgage fraud is a phenomenon that exists regardless of the financial circumstances of the economy. However, the detection and prosecution of mortgage fraud is generally peculiar to a recession. As money supply to the economy reduces and wages decline, the ability to service mortgages becomes increasingly difficult and fraudulent mortgages are exposed.
The most common form of mortgage fraud is the provision of false information by the applicant to the mortgage provider. Often this can be an over-estimation of income supported by forged documents, for example, wage slips & bank statements. Any fraud that is committed by the making of false representations is prosecuted under section 1 of the Fraud Act 2006.
Call now 08444 936 057 to have a free consultation with a specialist solicitor
We have experience of the prosecution of many forms of mortgage fraud and have represented home-owners and professionals (solicitors, estate agents, financial advisors and surveyors). Since the Proceeds of Crime Act 2002 came into effect the prosecutor is able to ask the court to confiscate the assets of defendants that are deemed to have received a benefit from their offences. In mortgage fraud cases this can lead to an order for the property in question to be sold and the proceeds handed to the state.
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Call now on 07980 800512 for free initial consultation
We have experience of the prosecution of many forms of mortgage fraud and have represented home-owners and professionals (solicitors, estate agents, financial advisors and surveyors). Since the Proceeds of Crime Act 2002 came into effect the prosecutor is able to ask the court to confiscate the assets of defendants that are deemed to have received a benefit from their offences. In mortgage fraud cases this can lead to an order for the property in question to be sold and the proceeds handed to the state.