Third Degree Residential Mortgage Fraud is one of the more serious felonies found in the “white collar” realm of New York criminal law. In fact, as a “D” felony, a conviction for New York Penal Law 187.15 can result in a state prison sentence of up to two and one third to seven years for a first time offender. For those individuals who have a felony conviction within the past ten years (discuss the term “predicate felon” with you criminal lawyer), the mandatory minimum sentence is two to four years with a maximum of three and one half to seven years in state prison.
Although Residential Mortgage Fraud in the Third degree is perpetrated in a variety of ways involving loan applications and underwriting documents, the general premise of the crime comes directly from Residential Mortgage Fraud in the Fifth Degree. More specifically, if material information is either intentionally obscured or added to such a document with intent of securing a loan for real residential property, for example, then you are guilty of the base level Residential Mortgage Fraud. The difference between NY PL 187.15 and other degrees of Residential Mortgage Fraud is the value of the funds or the proceeds obtained as a result of the deception. Here, the funds obtained must be greater than $3,000, but equal to or less than $50,000. It is important to note that the dollar or value associated with this crime mimics that of those crimes set forth in Article 155 of the New York Penal Law. That is, Grand Larceny in the Third Degree (NY PL 155.35) involves thefts where the property value stolen exceeds $3,000, but is no more than $50,000.
Crimes often associated with Residential Mortgage Fraud in the Third Degree include:
Because the above description is merely basic breakdown of Residential Mortgage Fraud and not one that should be used as a strict interpretation of the law, it is critical to consult with and experienced New York criminal lawyer. Not only can he or she ascertain whether the allegations and evidence against you establish this offense, but that attorney will also be able to determine what your defenses may be.
To further review materials regarding Residential Mortgage Fraud, please read through the general resource page for this crime. Beyond this, information about white collar crimes ranging from Grand Larceny to Forgery and Criminal Possession of Stolen Property to Scheme to Defraud is available at the NewYorkCriminalLawyerBlog.Com, the NewYorkTheftAndLarcenyLawyersBlog.Com and our main website at CrottySaland.Com.
Contact the New York Criminal Defense Attorneys & Theft Lawyers Online or at 212.312.7129 Now.