Buying and selling property in Louisiana can be a very good way to clear a tidy profit. However, it is important to be aware of the various laws regarding property transactions. It can be all too easy to be faced with charges of mortgage fraud if you do not follow all of the proper procedures.
But given the complexities of property transactions, what could constitute mortgage fraud? Mortgage fraud is a term used to describe indiscretions that involve making misstatements or misrepresentations on mortgage documents.
One of the primary categories of mortgage fraud is fraud for profit. This involves an attempt on behalf of a real estate professional to profit from a transaction or property through fraudulent means.
One example of fraud for profit is what is known as "property flipping," in which a property is bought then quickly sold at an artificially inflated price. While property can be flipped legally, it is not legal to artificially increase its value.
There are many other examples of mortgage fraud that this article details. It is important to understand that a person suspected of mortgage fraud could face a federal investigation and charges.
Real estate transactions can be complicated. It is possible to run afoul of prevailing laws without even being aware of having done so. It is also possible to overstep a legal boundary when pursuing a financial or personal goal.
If you are ever charged with real estate fraud, you may have good reason to contact a Louisiana criminal defense attorney. The attorney can look into your situation and may be able to help you map out a legal strategy that leads to your best possible outcome.