“Shotgunning” refers to the practice of attaining more than one home equity loan at the same time for a sum significantly greater than the actual value of a property. The owner of such a property may simultaneously apply for loans with multiple lenders, or a “shotgunner” may sell the same property to several different purchasers at once. There is no universal credit bureau for lenders or buyers, which can make Sildenafil citrate 100mg when to take. “shotgunning” problematic to identify.
"Shotgunning" is a serious offense that, in light of the sub-prime mortgage crisis, is prosecuted heavily by the Federal Government. Conviction of "shotgunning" can result in significant penalties. White Collar Attorneys at The Blanch Law Firm have over 40 years of combined experience fighting this type of allegation and will mount an aggressive defense on your behalf.
In 2007, "shotgunning" was called "the fraud of the year", and realtors encourage the public to report any "suspicious activity" to the FBI, even that which seems "too little to be of consequence". Unfortunately, this can lead the average person to report the activities of an innocent person, exposing the latter to labor-intensive and extensive investigation, when in actuality no fraudulent activity has taken place.
Prosecution of "shotgunning" can be aggressively pursued with criminal charges such as Bank Fraud, conspiracy, Mail Fraud, and Wire Fraud. In 2008, in light of the recent collapse of the subprime lending market, the FBI increased the number of agents assigned to mortgage fraud by more than 50%.
With 42 mortgage fraud task forces and more than 1,500 open investigations, it is not surprising that almost half of FBI indictments for mortgage fraud result in conviction, prison time, and substantial compensatory and/or punitive monetary damages.
The "value" of real estate is frequently very subjective, so if you are facing accusations of "shotgunning" and/or mortgage fraud, you need the best team of Mortgage Fraud Lawyers to mount your defense against such charges.
The Blanch Law Firm can provide you with the legal experience and hands-on attention necessary to produce a favorable resolution for your case. Contact one of our attorneys today by calling 646-797-4771 . Your initial consultation is both free and confidential.