Mortgage fraud is a phenomenon that exists regardless of the financial circumstances of the economy. However, the detection and prosecution of mortgage fraud increases significantly during a recession. As the money supply to the economy reduces and wages decline, the ability of individuals to pay their mortgages becomes increasingly difficult. Defaulting on payments increase and mortgage lenders are inclined to question whether the mortgage should have been given in the first place. Applications are scrutinised and and fraudulent mortgages are exposed.
The most common form of mortgage fraud is the provision of false information by the applicant to the mortgage provider. Often this can be an exaggeration of income which is then supported by forged documents, for example, wage slips & bank statements. Any fraud that is committed by the making of false representations is prosecuted under section 1 of the Fraud Act 2006.
Call now 08444 936 057 to have a free consultation with a specialist mortgage fraud solicitor
We have experience of the prosecution of many forms of mortgage fraud and have represented home-owners and professionals (solicitors, estate agents, financial advisors and surveyors). Since the Proceeds of Crime Act 2002 came into effect a prosecutor is able to ask the court to confiscate the assets of defendants that are deemed to have received a benefit from their offences. In mortgage fraud cases this can lead to an order for the property in question to be sold and the proceeds handed to the prosecutor.
The ground-breaking case of R-v-Waya has shaped the way that confiscation orders are calculated. We work closely with the barrister in the Waya case to ensure that our clients get the best outcomes.
WARNING- NEW LEGAL AID RULES APPLY - FINANCIAL "MEANS TESTING" CAN LEAD TO DIRE FINANCIAL CONSEQUENCES FOR DEFENDANTS - SPEAK TO US BEFORE APPLYING FOR LEGAL AID.
Call now on 08444 936 057 for a free initial consultation with a specialist mortgage fraud solicitor