An air loan is one of the most common forms of mortgage fraud in New York. This type of fraud can be complicated, but it has a simple goal: get money from the bank without having to pay it back. Being charged with mortgage fraud is a serious accusation that can carry hefty fines and even jail time if you’re convicted.
Overview of an air loan
An air loan is a common form of bank and mortgage fraud that involves coming up with a fake identity and property to get a mortgage from the bank. The individual might come up with a false identity to borrow money from the bank without being traced. To get approved for the mortgage, they might also come up with a fake property title and other documents.
They might even falsify employment documents, supply a fake address, make up a telephone number and take other actions to make the identity seem as real as possible. Once the mortgage has been approved, the scammer receives the money and doesn’t have to pay it back. Since the property isn’t real, they can do whatever they want with the money. When the bank catches on, it’s hard to track down the individual because they used a fake identity. This is an illegal scam and can have serious consequences for the perpetrators.
What should I do if I’m accused of mortgage fraud?
If you’re accused of mortgage fraud, bank fraud or another white-collar crime, it’s never too early to hire an attorney. Being accused of fraud doesn’t just carry the risk of fines and jail time; it also risks ruining your reputation. You might lose your job and find it difficult to find work again. For that reason, it’s important to defend your image in court.