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NY Penal Law § 187.25: Residential mortgage fraud in the first degree

Residential mortgage fraud is a white collar crime that involves securing a mortgage on residential real estate by making false statements on the mortgage loan application. It is considered to be a type of theft. There are 5 offenses related to residential mortgage fraud: residential mortgage fraud in the first, second, third, fourth and fifth degrees. Mortgage fraud in the first degree is the most serious type of mortgage fraud. If you are convicted, you could end up prison for over 20 years. Under New York Penal Law § 187.25 you could be charged with residential mortgage fraud in the first degree if you commit residential mortgage fraud and the amount involved is more than $1,000,000.

Example

Therese was a real estate investor. She bought property that she either flipped or used as rental property. Therese discovered an incredible beachfront property that needed some work, but she knew she could do most of the work herself and easily sell it for a huge profit. Unfortunately, the property was listed for $1.5 million. Therese had $300,000 as a down payment, but knew she would not qualify for a $1.2 million mortgage. So Therese fudged the numbers regarding her income just enough to qualify for the mortgage. While in the middle of renovating the property, Therese was caught and charged with residential mortgage fraud in the first degree. As a defense Therese claimed that her intention was to live in the property. Unless the prosecutor is able to prove that Therese did not intend to live in the property, Therese cannot be prosecutor for the charge.

Related Offenses
  1. Residential mortgage fraud in the fifth degree: New York Penal Law § 187.05
  2. Residential mortgage fraud in the fourth degree: New York Penal Law § 187.10
  3. Residential mortgage fraud in the third degree: New York Penal Law § 187.15
  4. Residential mortgage fraud in the second degree: New York Penal Law § 187.20
Defenses

In order to prosecute you for residential mortgage fraud in the first degree, the prosecutor must prove that the false statement you made was related to a material fact, that you made the false statement "knowingly" and that you had the intent to defraud. If the prosecutor is unable to prove any of these elements, then you have a valid defense to the charge. Furthermore, the prosecutor must prove that the amount of money involved was over $1,000,000.

Additionally, 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.

Sentence

Residential mortgage fraud in the first degree is a class B felony. If you are convicted of this offense you could be sent to prison for up to 25 years. You could also receive a probation sentence of up to 5 years and be required to pay a substantial fine.

New York Penal Law § 185.25: Residential mortgage fraud in the first degree

A person is guilty of residential mortgage fraud in the first degree when he or she commits residential mortgage fraud and thereby receives proceeds or any other funds in the aggregate in excess of one million dollars.

Contact the Law Offices of Stephen Bilkis & Associates

If you are under investigation for residential mortgage fraud in the first degree it is important that you have experienced representation. 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.

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