Fraud Within Real Estate
Posted: November 09, 2009
Fraud within industries certainly isn't completely unheard of, but it is found to be more prevalent these days in the Real Estate market. Recently, as many as eight real estate professionals have been charged with some form of mortgage fraud in Northern Florida.
Both Duval and St. Johns counties are specifically named as "hot spots" for the people in question, but fraud undoubtedly occurs in some level all over - including Naples, Bonita Springs, Fort Myers, and Cape Coral. What's more, federal officials are making these fraud cases a priority by trying to streamline the process, and speed up the number of cases investigated. The "Mortgage Fraud Surge" is an effort between the U.S. Attorney's office and the FBI to help expedite investigations throughout the Gulf Coast, Jacksonville, and Orlando areas.
Florida has earned the unfortunate reputation of being a boon for fraudulent real estate practices during the real estate boom of years past. Now that foreclosures have overshadowed the market, bank officials are finding inconsistencies within mortgages that show collateral just isn't enough to support the original loan. As a general rule, once foreclosures start to crop up, that's when the indicators of fraud pop up. With real estate participating in such a large role within the state of Florida, it's imperative that fraudulent practices are resolved in a timely manner.
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
Information for this article courtesy of The Florida Times-Union, and Florida Realtors.
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