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Understanding the grave consequences of mortgage fraud in Texas

On Behalf of | Jun 10, 2024 | White Collar Crimes

Mortgage fraud involves illegal activities, such as misrepresentation or leaving out important information on a mortgage loan application. Some individuals engage in this activity to obtain a bigger loan, secure better loan terms or facilitate the purchase of a property under false pretenses. Mortgage fraud is a serious offense in Texas, and it could lead to severe consequences for anyone found guilty.

If you found yourself in this critical moment, you might wonder what could happen and how you should handle it. Here are things you need to know.

Mortgage fraud can involve criminal penalties

In Texas, mortgage fraud is considered a type of deception that can result in significant criminal penalties. Depending on the details of your case and the amount of money involved, it could be treated as a minor or major felony. Penalties can range from 180 days in jail to life imprisonment, with fines reaching up to $10,000.

You might also face civil penalties

In addition to criminal penalties, mortgage fraud can result in civil consequences. Victims of mortgage fraud can sue you to get compensation for damages. You might also face penalties, such as license suspension or revocation.

Mortgage fraud can have lasting effects on your career

Aside from criminal and civil penalties, mortgage fraud can have lasting consequences. A conviction can hurt your professional reputation, making it difficult to secure future employment or maintain professional licenses. Personal relationships may also suffer as a result of the legal and financial issues.

Protect your rights with legal guidance

Mortgage fraud in Texas carries severe criminal and civil penalties, with long-lasting consequences that can significantly impact your life. Understanding the potential outcomes is crucial when you are facing mortgage fraud allegations. It is essential to seek guidance from experienced legal professionals to protect your rights and interests. Remember, in this critical situation, getting the right legal support is your best first step.