Occupancy fraud charges arise when an individual is thought to have misrepresented an investment property as a primary or secondary home in order to obtain a lower interest rate on the mortgage. This was once the most common form of mortgage fraud, and occupancy fraud has even been accused of hindering the recovery of the housing market.
Occupancy fraud investigations are often extensive and intrusive. There is a mortgage fraud prevention company with a computer program that can detect other properties owned by a borrower and even supposedly determine if the subject property is the borrower's primary residence.
Are you facing accusations of occupancy and/or mortgage fraud? Federal prosecutions often involve multiple types of fraud and numerous charges, and even establishing something as simple as your residency can be complicated and time-consuming without the assistance of the right team of Mortgage Fraud Lawyers with the resources and experience to navigate the system.
Double jeopardy does not prevent prosecution for separate mortgage fraud offenses. There are no hard and fast requirements for how long one must live in a property for it to quality as a primary or secondary residence (lenders are merely advised to examine "Facts and Circumstances" when considering whether to "call" the loan).
When faced with occupancy fraud charges, it can sometimes be difficult to know whether you have actually committed any offenses.
The Blanch Law Firm can help you avoid a prison sentence, substantial compensatory and/or punitive monetary damages, as well as the potential destruction of your credit rating. Contact one of our attorneys today by calling 212-736-3900 . Your initial consultation is both free and confidential.