Orlando, Florida, Property Flipping Defense Lawyers
Before the bottom fell out of the subprime mortgage market, real estate investors purchased homes, upgraded them, and sold them later at a profit. In order to purchase a home, however, accurate, thorough financial information must be provided on a mortgage loan application. When the real estate market began to falter, real estate investors who had depended on the rapid turnover of purchased homes, found themselves over-extended financially. Referred to as "house flipping," when home sales slowed to a crawl, investors could not sell a home fast enough to clear its outstanding debt from their financial record. As a result, some failed to accurately report multiple mortgages for which they were responsible.
At the law offices of Law Offices of Mark L. Horwitz, our attorneys represent real estate investors facing charges of loan fraud and mortgage fraud in relation to property flipping. If you're facing charges, or are currently under investigation, contact property flipping defense attorneys at Law Offices of Mark L. Horwitz today.
Straw Purchasers and House Flipping Allegations
In order to increase the amount of property sold, some real estate investors use a "straw purchaser" to apply for a mortgage loan. Once the loan is approved and the house bought, the property is sold for a profit. The real estate investor typically divides a portion of the profit with the straw purchaser as compensation for his services. Using a straw purchaser, however, constitutes fraud if it leads to falsified mortgage documents. However, the burden of proof rests on prosecutors: they must demonstrate the intent on the part of both involved to purposely commit fraud.
Our attorneys tell our client's side of the story, making sure prosecutors and jurors understand the circumstances and events surrounding our client's case. In some cases, it may be possible to convince prosecutors not to charge, to dismiss, or reduce the charges against our client when facts are brought forth regarding the relationship between an investor and a purchaser.
Preventing further Legal Complications
Depending on the facts of your case, it may be possible to work with prosecutors to prevent a charge, reduce the sentence or charges against you. However, destroying documents or attempting to influence witnesses could result in an obstruction of justice charge. Once an investigation is undertaken, information considered pertinent to the case must be preserved. Even if you aren't charged with house flipping or loan fraud, you could be with of obstruction of justice.
Before talking to investigators or prosecutors, contact property flipping defense attorneys at the Law Offices of Mark L. Horwitz today.
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