New York Penal Law 185.10: Fraudulent disposition of mortgaged property

Real Estate Fraud: Understanding Fraudulent Disposition of Mortgaged Property

Real estate markets across the country are very sensitive markets, which rely heavily on the continued trust of banks and mortgage lenders. Because of this, there are laws in almost all areas of the country that protect lenders against fraudulent mortgage-related activities. In New York, one law that is designed to protect lenders is fraudulent disposition of mortgaged property.

What is Fraudulent Disposition of Mortgaged Property?

The crime of fraudulent disposition of mortgaged property makes it illegal for a person to sell or transfer an interest in a property that is currently encumbered by a mortgage. In order for any sale or transfer to be made valid, it will require approval of the mortgage lender and all other interested parties.

Examples of the Crime

Due to the complexity of real estate ownership, fraudulent disposition of mortgaged property is an important law that protects banks. An example of this crime would be if a person purchases a home and takes out a mortgage on the home. If the person then attempts to sell the property to another person and the mortgage lender is not made aware, or paid off, the process of transferring ownership would be considered fraudulent disposition of mortgaged property.

This law is the same for any real estate owner, including residential and commercial. It pertains to sale, assignment, or any form of transfer that was intended to defraud the mortgage lender.

Common Legal Case Defenses

If you have been accused of fraudulent disposition of mortgaged property, it would be a good idea to hire a NYC defense attorney. NYC criminal lawyers are experienced in defending these types of cases, and related offenses. In many cases, this can be an easy case to defend. In order to prosecute this case, it has to be proven that you fully intended to defraud the mortgage lender.

To prove your intent to defraud, the prosecutor will likely look to the timeline of events that took place. They may also look to seize email or text-messaging records to see if they can legally prove the fraud took place. If the case is dismissed, you may still face civil suits and other action from the mortgage lender.

Christine Twomey

2024-03-21

Just had my Divorce case settled 2 months ago after having a horrible experience with another firm. I couldn’t be happier with Claire Banks and Elizabeth Garvey with their outstanding professionalism in doing so with Spodek Law Group. Any time I needed questions answered they were always prompt in doing so with all my uncertainties after 30 yrs of marriage.I feel from the bottom of my heart you will NOT be disappointed with either one. Thanks a million.

Brendan huisman

2024-03-18

Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!

Guerline Menard

2024-03-18

Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️

Keisha Parris

2024-03-15

Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.

Taïko Beauty

2024-03-15

I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence. Thank you team!

Anthony Williams

2024-03-12

Hey, how you guys doing? Good afternoon my name is Anthony Williams I just want to give a great shout out to the team of. Spodek law group. It is such a honor to use them and to use their assistance through this whole case from start to finish. They did everything that they said they was gonna do and if it ever comes down to it, if I ever have to use them again, hands-down they will be the first law office at the top of my list, thank you guys so much. It was a pleasure having you guys by my side so if you guys ever need them, do not hesitate to pick up the phone and give them a call.

Loveth Okpedo

2024-03-12

Very professional, very transparent, over all a great experience

Bee L

2024-02-28

Amazing experience with Spodek! Very professional lawyers who take your case seriously. They treated me with respect, were always available, and answered any and all questions. They were able to help me very successfully and removed a huge stress. Highly recommend.

divesh patel

2024-02-24

I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

Load more

Google rating score: 4.9 of 5, based on 736 reviews

Penalty for the Crime

If you have been found guilty of fraudulent disposition of mortgaged property, you could face a penalty for the crime. The crime is technically a Class A misdemeanor, which means that you could face up to one year of prison. In most cases, assuming that this is a first offense, you will likely avoid jail time altogether. Instead of jail time, you will likely be put on some form of probation and may be forced to make financial restitution if the lender suffered a loss due to the fraud.

Beyond imprisonment, you may face a financial penalty. Judges have levied fines in excess of $10,000 for these cases.

Conclusion

In conclusion, fraudulent disposition of mortgaged property can be a difficult crime to convict. However, if you were accused of this crime, it would be a good idea to hire an attorney for support. The attorney will be able to provide you with a number of different services including consultation and attempt at building a case. In most situations, the NYC criminal attorneys will be able to negotiate a settlement with the prosecutor before the case even goes to trial. This normally will result in a shorter probation period and lower financial penalty levied by the court.