What Are the Penalties For Mortgage Fraud in New Jersey?

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Mortgage fraud can take many different forms, but no matter which kind of fraud you are charged with one thing is certain. The punishments are likely to be quite severe. If you believe that you have been falsely accused of mortgage fraud, you need to take the necessary steps to defend yourself. You should strongly consider hiring a Mercer County white-collar crime lawyer who can help you fight these charges.

Can I Go to Jail for Mortgage Fraud?

You can, but it is not the only potential punishment on the table. Defendants convicted of mortgage fraud can face different penalties based on how much money they are accused of defrauding someone of. If the money involved was between $500 and $75,000, you could be looking at:

  • Fines of up to $15,000
  • A jail sentence of three to five years

If the fraud was for more than $75,000, which is a definite possibility when it comes to mortgage fraud, then you could be punished with fines of up to $150,000 and a prison term of up to 10 years.

You can also be charged with money laundering in some situations. You can be hit with these charges if the state believes that you are in possession of property that you know comes from criminal activity. Any transaction involving property that you or any reasonable person could suspect was involved in a crime can result in extreme punishments, including:

  • Fines of up to $200,000
  • Jail sentences of up to 20 years

Again, the exact punishment and how severe it is will depend on how much money is involved. We also have to note that you could end up facing federal charges as well as state charges.

How Can a White-Collar Crime Lawyer Help Me?

Now that you see how harsh the penalties for mortgage fraud can be, it should be clear that you should do anything that you can to fight back against these accusations. A white-collar crime lawyer from our law firm can help you do that. Mortgage fraud is often considered “theft by deception” and we have plenty of experience defending our clients from such charges in both state and federal courts. Your attorney can:

  • Help you organize documents and evidence that can be used in your defense
  • Show that you never had any intention of defrauding anyone
  • Cross-examine witnesses that are used against you
  • Talk to witnesses and others involved in the mortgage application process
  • Answer your questions about the legal process
  • Plead down to lesser charges

A criminal defense attorney from our firm can hit the ground running and begin forming the best possible defense early.

Contact a Mortgage Fraud Attorney

If you are ready to fight these charges, contact Douglas Herring, Esq. Our firm can set up a consultation that can tell you more about what a robust defense strategy can do for you.

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