0

Woman pleads guilty to mortgage fraud

LAWRENCEVILLE — A Gwinnett County woman pleaded guilty to charges of residential mortgage fraud Thursday, and was sentenced to seven years imprisonment.

In February 2006, Kimberly Martin refinanced a home she owned in Alpharetta, receiving upwards of $160,000 from a mortgage lender. What she failed to disclose, however, was that she already had an unpaid mortgage out on the home, for about $271,000.

During closing on the home, she sent false documents to the second mortgage company’s attorney, indicating that the first loan had been paid off. It had not.

Shortly after closing, Martin filed for bankruptcy and listed only her loan with the first mortgage lender.

Martin was sentenced in Gwinnett County Superior Court Thursday to seven years imprisonment followed by 13 years probation. That sentence will run concurrent with a prior federal sentence for bank fraud.

Martin has also been ordered to pay almost $190,000 in restitution.