What is mortgage fraud?

Mortgage fraud is a crime that involves various forms of deception or misrepresentation related to obtaining a loan or mortgage in California. It may include misrepresenting the value of a property, using false identities to obtain a loan, or taking out one loan to pay off another loan. Mortgage fraud is typically committed by individuals who have a financial interest in the transaction or who stand to benefit from the fraud. It can also be perpetrated by people outside the transaction who are attempting to profit in some way. Mortgage fraud is illegal under California consumer fraud and false advertising laws. It is a felony punishable by up to five years in prison if the amount of fraud is more than $10,000. There are also civil penalties and fines for mortgage fraud, including restitution and payment of the victim’s lost profits. The California Department of Real Estate is the main agency responsible for investigating mortgage fraud in the state. It collects and analyzes complaints from consumers and works with other enforcement agencies to prosecute mortgage fraudsters. California consumers who believe they are the victims of mortgage fraud can file a complaint with the Department of Real Estate or contact their local law enforcement agency.

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What is mortgage fraud?

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