Important Information About Mortgage Fraud In The State Of Nevada
Aug. 20, 2012
Mortgage fraud in Nevada is a crime that can be punished just as severely as drug or violent offenses. In addition to lengthy prison sentences and high fines, a conviction for mortgage fraud will have a long term impact on your criminal record and could cause companies to turn down your job applications.
Nevada Mortgage Fraud Definition
In Las Vegas, Nevada the legal definition of mortgage fraud is when an individual with the intent to defraud a mortgage lending transaction:
Knowingly issues a false statement or other form of misrepresentation regarding a material fact or he or she [intlink id=”1394″ type=”post”]intentionally fails to disclose[/intlink] or hides a material fact
Knowingly facilitates the use of or uses a misrepresentation or false statement that has been issued by another individual regarding a material fact or intentionally facilitates the use of or uses another individual’s failure to disclose information or his or her concealment of material facts
Accepts any money or proceeds connected to the mortgage transaction that the individual knows is the result of mortgage fraud
Conspires with others to commit an act of mortgage fraud
Causes to be filed or files with a county recorder a document that is known to include an omission, misrepresentation or misstatement concerning material facts
In Las Vegas, every fraudulent transaction in mortgage lending is an individual violation. Ultimately, this means that a single individual can face several different charges of mortgage fraud in relation to one property and in relation to the same borrower or lender.
It is vital to note that mortgage fraud is an “intent” crime in the state of Nevada, which means that unless you intended to defraud any involved parties, you might not be found guilty of the charges against you.
This element in a case of this type can be quite difficult for state prosecutors to prove beyond reasonable doubt and your attorney, depending upon the nature of your case and all of the related facts, might have the ability to convince prosecutors that the evidence against you is not strong enough to merit further pursuit.
In Nevada, mortgage fraud is both a state and federal crime. Depending upon your case, prosecutors might be able to [intlink id=”1418″ type=”page”]bring charges in federal court[/intlink] instead of a state court.
Mortgage Fraud Penalties
In Nevada, mortgage fraud law violations are a category C felony. For each conviction the standard sentence will include:
A maximum of $10,000 in fines and/or
1 – 10 years
If however, the prosecutor believes that you have conspired to engage in or have engaged in a pattern of mortgage fraud, the crimes can be punished in Nevada as the more serious category B felony. Standard sentences for cases such as these will include:
A maximum of $50,000 in fines and/or
3 – 20 years