Florida Mortgage Fraud
March 27, 2009
According to CNNmoney.com Florida has the second highest rate of mortgage fraud in 2009 in the United States when compared with the rate of fraud expected. We actually were the mortgage fraud leader in 2006 and 2007. Leading the pack is Rhode Island, but from my observations Florida mortgage scam artists are fighting hard to climb back to the top and regain the title and associated glory.
What is fueling this illegal mortgage activity in Florida?
Mortgage money is getting harder and harder to come by in this depressed economic market. And whenever the going gets rough a certain segment of the population sees a golden opportunity to feed off of the misfortunes of others. If you think something is illegal, unethical or just plain wrong you’re probably right.
Think twice before you consider doing business with anyone that talks about “creative financing” or “stated income loans” or buying your short sale and selling it back to you later. Many such situations are an attempt at mortgage fraud and will land you directly in jail. This goes for home buyers, home sellers, Realtors and mortgage brokers. If it seems too good to be true it probably is.
What is Mortgage Fraud?
Mortgage Fraud is a crime punishable by law where potential buyers of homes or land attempt to deceive lenders by providing incorrect financial information or by blatantly omitting details which would cause banks to not lend them money.