Generally, when someone materially misrepresents or omits information on a mortgage loan application in order to get a loan or to increase the amount of loan, it is considered to be a case of mortgage fraud. However, there are many different manifestations of mortgage fraud and it is not always the borrower who is at fault in a mortgage fraud case. For first time victims of mortgage fraud, the experience can be quite overwhelming. Questions about the legal implications and rights are common and lawyers on JustAnswer frequently receive questions about mortgage fraud. Below are five of the most common questions answered by lawyers on JustAnswer.
Yes, you should inform the mortgage bank. In addition, you should also report the matter to the Attorney General's Office in your state and inform them of the situation. In the state of California, it would be:
California Office of the Attorney General
Attn: Public Inquiry Unit
P.O. Box 944255
Not every situation is created equal. Whether or not you are able to conclusively establish that you were a victim of the mortgage fraud will have a bearing on how your case is seen. You can present the details of your case to lawyers on JustAnswer and get their expert opinion and insight on issues related to mortgage fraud.
Receiving an eviction notice can create a feeling of helplessness. However, there are laws that protect tenants from being wrongfully removed from their homes, especially if the property is involved in mortgage fraud. It would be a good idea for you to consult a lawyer, because the exact nature of the eviction notice can have a bearing on the best course of action available to you. You could also seek the expert opinion of lawyers on JustAnswer by providing them with the details of your case. Their insights can help you find the right direction in dealing with mortgage fraud.
In a situation such as this, it is always best to consult an attorney in your area. You may also contact a real estate lawyer. The details of your case will greatly determine the direction you should take.
Finding out that a parent or loved one has been taken advantage of is alarming in itself, but to discover that a family member is taking advantage of the parent can be upsetting to say the least. Mortgage fraud is the misrepresentation and/or omission of information on a loan application. When children misuse a parent’s funds, it could be a case of elder abuse, rather than mortgage fraud.
The statute of limitations is the period of time a person has to file a claim in the court. If the person (also called the plaintiff) fails to file a claim within the allotted time, the defendant can use the state’s statute of limitations as his/her defense and move to have the case dismissed. New York statute of limitations happens to be six years but may be different in other states. Many people are unaware of this fact until the judge dismisses their case. You can write to lawyers on JustAnswer to find out about the statute of limitations in your state, and also for any other legal questions you may have.
What do I do? Who do I contact? How do I protect myself and my investment? These questions are natural when someone becomes a victim of mortgage fraud. Most turn to neighbors or discuss it with a friend and may or may not get the right answer to their situation. In legal matters, you should either consult an attorney or start by getting the expert opinion of legal experts. Lawyers on JustAnswer answer tough legal questions every day and you may find their insights useful in finding the right direction.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.