Instances of alleged financial malfeasance have hit Florida hard in recent years. An example that affects homeowners and those seeking to become homeowners is mortgage fraud. One case being reported on involves the practice of requiring advance fees for mortgage loans.
Such advanced fees are illegal nationwide. Often, the people charging the fees, which is typically done upfront, aren't really planning to help the homeowner or prospective homeowner at all. Instead, they are simply seeking to cash in on someone else's need.
In the current case, two individuals were just indicted in a refinancing scheme that involved such fees. That scheme is said to have allegedly involved 100 potential homeowners nationwide. The two Florida individuals accused in the case now face 17 counts of wire fraud and 19 counts of mail fraud.
According to authorities, the first defendant in the case recruited others into the scheme from states across the nation. The second defendant was the most high-profile of those recruits. Together, according to allegations, they found people who needed mortgage refinancing but were having a tough time getting it.
They then convinced those people that they could get a smaller mortgage and lower payments. To get this, they would need to pay the pair advance fees. However, when the people didn't get the loans they applied for their advance fees weren't refunded.
Cases like this can involve a multitude of individual transactions. There is a lot of data to collect and analyze to determine any legal culpability of defendants in such cases. Anyone accused in comparable Florida mortgage fraud cases should contact an experienced attorney who can help them go through the data and help them to organize a defense.
Source: Loan Safe, "Two Florida Residents Charged in Advanced Fee Mortgage Refinance Fraud Scheme" Moe Bedard, May. 13, 2014