Residential Mortgage Fraud In The Second Degree: NY Penal Law § 187.20

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

Residential mortgage fraud is a type of white-collar crime wherein individuals obtain a mortgage for residential property by providing false information on their mortgage loan applications. There are five degrees of offenses associated with residential mortgage fraud, categorized as first, second, third, fourth, and fifth-degree offenses. The specific charge for residential mortgage fraud that a person may face depends on the monetary gain resulting from the fraudulent activity. According to New York Penal Law § 187.20, if you engage in residential mortgage fraud with an amount exceeding $50,000 but not exceeding $1,000,000, you could be prosecuted for residential mortgage fraud in the second degree.

Sentence

Residential mortgage fraud in the second degree constitutes a class C felony, and upon conviction, individuals may face a potential prison term of up to 15 years. Additionally, there is the possibility of a probation sentence lasting up to 5 years, along with a significant fine as part of the penalty.

Defenses

To secure a conviction for residential mortgage fraud in the second degree, the prosecution is obligated to demonstrate several key elements. Firstly, they must establish that the false statement you provided pertained to a significant and essential fact. Secondly, it must be proven that you made this false statement with full awareness or “knowingly,” and with the deliberate intent to defraud. Should the prosecutor fail to substantiate any of these crucial components, you have a legitimate defense against the charges. Additionally, the prosecution is also required to prove that the monetary sum involved exceeded $50,000.

New York Penal Law § 185.20: Residential Mortgage Fraud In The Second Degree

Residential mortgage fraud in the second degree is committed when an individual engages in residential mortgage fraud and, as a result, acquires proceeds or any cumulative funds surpassing fifty thousand dollars.

Related Offenses

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

Hiring a New York lawyer for a residential mortgage fraud in the second-degree case is crucial to protecting your rights and navigating the complex legal system. In this serious matter, it’s essential to find an experienced attorney who specializes in mortgage fraud cases. They will thoroughly investigate the allegations, gather evidence, and build a strong defense strategy. New York’s laws regarding mortgage fraud are stringent, and a skilled lawyer can help you understand the charges against you, assess potential consequences, and work towards the best possible outcome. With their expertise, you can strive for a fair resolution, whether it involves negotiation, litigation, or alternative options.

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