Procedure For Mortgage Fraud Law In Magistrate Court

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Procedure For Mortgage Fraud Law In Magistrate Court

Introduction

In this report, we would discuss our trip to the Magistrate Court in my hometown. The main visit was made with the purpose of observing the whole procedure of hearing of the case. The cases in the magistrate court were related to mortgage fraud cases. Both the parties that are plaintiff and defendants were determined on their view point. On my visit I observed that the court has a systematic and legitimize criterion for hearing the case. The parties are required to present their point within set limits prescribed by the court. The grandeur of the court requires the plaintiff, defendant, typist, attorneys and all the relevant parties of the case to act in a respectful way. The procedure begins with the plaintiff party, whose lawyer presents the case, as how the victim party has suffered due to the actions of defendant party. On hearing the complete version or over view of the case, the defendant's lawyers have been asked to defend the case in the light of evidences. Evidences are the important part of any specific case that enhances the authenticity of the case. The interaction between the parties was done in a polite manner, so as to set the precedent of dealing the case with dignity and fairness. The case continued as the defendants were summoned to appear before magistrate judge in the district. The case was of commercial nature as it involves buying and selling of property in Chicago, at inflated prices. The lenders incurred huge losses as the buyers were falsely qualified for the acquiring loans (www.law.cornell).

Overview of the Case

There were two separate mortgage fraud cases Involving South Side Properties. In one of the two cases, two attorneys among four defendants were indicted. In one of the cases, of mortgage fraud, the attorney, the loan originator and a real estate investor were involved to obtain at least five residential loans, costing approximately $1.5 million from various lenders. In second case the attorney was accused for involving in fraudulently obtaining 12 residential mortgage loans, totaling about $ 3.57 million from various lenders.Both accusations were charged, as the mortgages were acquired to finance the purchase of properties on Chicago south side. These properties were purchased at inflated prices by the buyers. These buyers were fraudulently qualified for obtaining loans form the lenders. As a result the defendant incurred profit, but on the other hand, resulting in losses as these mortgages were not recovered(www.justice.gov).

In the above case of mortgage fraud scheme, three defendants were accused in five-count indictment. The case get unsealed with the arrest of Steven Bartlett, a part owner of reals estate incorporation, also known as a SSB Real Estate Solutions, Inc. the corporation mainly deals in buying and selling of properties in Chicago. Along with real estate owner an Attorney ROBERT LATTAS who represented the real estate and Nicholas Burge, a loan originator for different lenders, were ...