NY Penal Law § 187.05: Residential mortgage fraud in the fifth degree

Residential mortgage fraud is defined in the New York criminal code as knowingly submitting a false written statement with reference to residential mortgage loan with the intent to defraud. There are 5 offenses related to residential mortgage fraud: residential mortgage fraud in the first, second, third, fourth and fifth degrees. The specific crime that you will face depends on the amount of money received as a result of the fraud. Residential mortgage fraud in the fifth degree is the least serious of the 5 charges and is the only one that is a misdemeanors. Under New York Penal Law § 187.05, you could be charged with residential mortgage fraud in the fifth degree if you commit residential mortgage fraud and the amount involved is $1000 or less.

For purposes of the residential mortgage fraud statute, "residential real property," refers to real estate that has been improved by a 1 to 4 family dwelling. If you take out a mortgage on unimproved land on which you intend to build a residence, that property would not be considered residential real property.

1. Residential mortgage fraud in the fourth degree: New York Penal Law § 187.10
2. Residential mortgage fraud in the third degree: New York Penal Law § 187.15
3. Residential mortgage fraud in the second degree: New York Penal Law § 187.20
4. Residential mortgage fraud in the first degree: New York Penal Law § 187.25

You cannot be convicted of residential mortgage fraud in the fifth degree if the false statement you made was not related to a material fact, if you did not "knowingly" make the false statement, or if you did not have intent to defraud. Furthermore, under New York Penal Law § 187.01, if you are an applicant for a residential mortgage loan or you intend to live in the residence that the mortgage is to secure, you cannot be prosecuted for residential mortgage fraud.

Residential mortgage fraud in the fifth degree is a class A misdemeanor. If you are convicted of this offense you could be sent to jail for up to a year. You could also receive a probation sentence of up to 3 years and be required to pay a fine.

A person is guilty of residential mortgage fraud in the fifth degree when he or she commits residential mortgage fraud.

Even though residential mortgage fraud in the fifth degree is not a felony, you should take the charge seriously. If you are convicted part of your sentence could include up to a year in jail. The staff at the Law Offices of Stephen Bilkis & Associates has years of experience successfully defending clients in New York criminal courts who have been charged with fraud, grand larceny, white collar crimes, and other serious crimes. Contact us at 800.696.9529 to schedule a free, no obligation consultation regarding your case. We serve those accused of larceny in the following locations: the Bronx, Brooklyn, Long Island, Manhattan, Nassau County, Queens, Staten Island, Suffolk County and Westchester County.