Attorneys Fighting Mortgage Fraud
Mortgage fraud is a growing problem in North Jersey. Homeowners and borrowers may suffer financial hardship because of fraudulent behavior by a mortgage broker or lender. There are many opportunities to commit mortgage fraud, especially in high priced real estate markets. Brokers, dealers, lenders, and construction companies are frequent defendants in these fraud cases. They sometimes violate the Federal Truth in Lending Act (TILA), which gives consumers many protections.
At the law firm of Koles, Burke & Bustillo, L.L.P., our attorneys represent people who have been victimized by mortgage fraud schemes.
- Mortgage loan origination that overvalues the property
- Selling rundown properties to unqualified buyers who then default
- Promising cash back at closing based on an inflated property value
- Fraudulent insured loan submissions
- Inflated appraisals
- Foreclosure scams
- Using falsified documents
- Promising one rate and giving another (“bait and switch”)
- Undisclosed negative amortization
- Overpriced sub-prime loans
- Forcing buyers into single premium credit insurance
- Not informing borrowers that the price of credit is negotiable
- Collusion between mortgage broker, lending institution, and home repair companies to defraud homebuyer
- Deceptive sales practices
- Predatory lending
- Breach of fiduciary duty in selling ARM mortgages to inappropriate buyers
- Overcharging borrowers for title insurance and closing costs
If you have experienced fraudulent mortgage practices, it is important to seek the advice of a knowledgeable lawyer to learn about your rights and your options. Contact a New Jersey lawyer at one of our three convenient offices.
Many instances of mortgage fraud are criminal. However, for borrowers to obtain relief for their financial damage, a lawsuit must be brought in civil court against the provider of the fraudulent mortgage or property sale. Our attorneys handle these types of cases. We are sympathetic to the difficulty homebuyers face when they have been tricked into a situation that can leave them with a ruined credit rating and no place to live. To learn how we can help, contact a lawyer at Koles, Burke & Bustillo, L.L.P.