Residential Mortgage Fraud In The First Degree: NY Penal Law § 187.25

by ECL Writer
Fraudulent disposition of property subject to a conditional sale contract

Residential mortgage fraud, a white-collar crime, entails obtaining a mortgage for residential real estate through the submission of false information on the mortgage loan application. This act is categorized as a form of deception. There exist five distinct degrees of residential mortgage fraud, ranging from the first degree to the fifth degree. Among these, first-degree mortgage fraud stands as the most severe form.

Conviction for this offense could result in a sentence of more than 20 years in prison. Under New York Penal Law § 187.25, you may face charges of first-degree residential mortgage fraud if you engage in mortgage fraud, and the fraudulent amount surpasses $1,000,000.

Sentence

First-degree residential mortgage fraud is classified as a Class B felony. A conviction for this offense carries the potential for a maximum prison term of 25 years. Additionally, you may be subject to a probationary period of up to 5 years and be obligated to pay a significant fine.

Defenses


To establish a case of first-degree residential mortgage fraud against you, the prosecutor must demonstrate three key elements: Firstly, that the false statement you provided pertained to a significant fact. Secondly, you made this false statement knowingly, with an intent to deceive. Failure to prove any of these elements constitutes a valid defense against the charge. Furthermore, the prosecutor must establish that the monetary amount involved exceeded $1,000,000.

Moreover, it’s important to note that if you are an applicant seeking a residential mortgage loan or plan to reside in the property secured by the mortgage, you are exempt from prosecution for residential mortgage fraud.

New York Penal Law § 185.25: Residential Mortgage Fraud In The First Degree

An individual can be charged with first-degree residential mortgage fraud if they engage in such fraudulent activities and, as a result, obtain proceeds or any combined funds exceeding one million dollars.

Related Offenses

Hiring A New York Lawyer For Residential Mortgage Fraud In The First Degree Case

Hiring a New York lawyer for a residential mortgage fraud in the first degree case is essential for anyone facing such charges in the state. Residential mortgage fraud in the first degree is a serious offense, carrying severe penalties, including imprisonment and hefty fines. An experienced New York lawyer can provide crucial legal guidance, protecting your rights and building a strong defense strategy.

Such cases often involve complex financial transactions and legal nuances, making the expertise of a seasoned attorney invaluable. They will investigate the allegations, challenge evidence, and negotiate with prosecutors to secure the best possible outcome, whether through dismissal, reduced charges, or a favorable plea deal. Your future and reputation depend on skilled legal representation in this critical matter.

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