Mortgage fraud is defined as a misrepresentation, omission or misstatement relating to a potential mortgage or property that is used by a lender or underwriter to purchase, fund or insure a loan.
It is unlawful to misrepresent or omit necessary information on an application for a mortgage loan in Florida or elsewhere in the United States. Mortgage fraud often includes money laundering issues, matters concerning electronic bank transfers or postal transactions. Being charged with such crimes is a serious matter that may land someone behind bars if a conviction is handed down in court.
When a person or company is accused of financial wrongdoing, it does not constitute proof of guilt. Sometimes, even after a situation is ruled upon in court, an appeal may be filed that results in a verdict being overturned. This seems to be the case in a situation that occurred outside Florida, regarding a $1.4 billion mortgage fraud penalty involving Bank of America.
Florida has a high rate of white collar crime. Some alleged offenses involve mortgage fraud. When facing such allegations, a positive outcome in court may hinge upon an aggressive and focused defense, which can be quite challenging if one does not retain legal representation.
In a white collar crime reported outside the state of Florida, a man was recently sentenced to federal prison. The 52-year-old former real estate developer was sentenced by a U.S. District Court judge. The conviction was based upon proof of an $8 million mortgage fraud scheme.
The Florida mortgage and real estate industries are vast and complex systems of buying and selling private and commercial properties throughout the state. Some individuals might currently be facing allegations of mortgage fraud or real estate schemes that involve appraisals or straw buyer loans. Criminal charges of this nature are very serious, and the potential penalties under conviction can be quite severe.
A recent incident involves a 31-year-old man accused of receiving kickbacks from various community businesses. The charges against him involve mortgage fraud, scheming to defraud, providing insider information and making unlawful promises. A Florida country sheriff's office and the Federal Bureau of Investigation are said to have exerted a combined effort in the investigation.
Many people have reportedly pleaded guilty in a recent case in Florida. The alleged mortgage fraud amounted to approximately $64 million. On a recent Tuesday, three people, a 58-year-old woman, 62-year-old woman and 57-year-old man, entered their guilty pleas, bringing the total number of people entering the same plea in the case to 25.
A recent article discussed an issue that might pertain to some Florida residents. At hand is the topic of primary residency; some people buying homes seem to be engaged in a method of obtaining lower down payments and interest rates that is otherwise not considered legally acceptable. Apparently, this type of mortgage fraud seems to be on the rise across the nation.
Two Florida residents have been charged with 47 felonies between them. A white collar crime scheme is said to have been discovered and halted before any money was lost. The state's CFO praised the efforts of the Office of Fiscal Integrity for uncovering the alleged plot before any serious damage was done.