What You Should Know about the Penalties for Engaging in Mortgage Fraud and Real Estate Fraud in Florida
The number of cases that are related to real estate fraud have been increasing over the years especially when the real estate industry started booming again. The reason why fraud is increasing is because there is a high pay off. However, the penalties for engaging in real estate fraud are also harsh. When you want to ensure that you are protected from real estate fraud and you are right with the law enforcement, then this article is what you need. In this article, you are going to find a breakdown of what real estate fraud is and the penalties that you can expect. If you want more information, also ensure that you check out this great article.
As you probably know, there are different types of real estate fraud. In most of the real estate frauds, the victim is taken advantage of and is left helpless. For those that work in the real estate industry, in case you come across any red flags, you should immediately take legal action against the perpetrators. It is advisable for anyone that works in a place where fraud can easily be gotten away with to take care so that not to attract harsh penalties and be registered as a convict for the remaining part of their life.
A lot of people that are falling victim to real estate fraud may have experienced fraud such as rental fraud, home improvement fraud and equity skimming. You’ll find that fraud in the real estate industry is usually connected to the different stages in the real estate industry. One of the main types of real estate fraud that should look out for is foreclosure rescue. Another common type of real estate fraud is known as mortgage fraud. Mortgage fraud focuses mainly on the people that have debts and it may involve fraud for housing and fraud for profits. Some of the top potential fraud within this bracket include mortgage elimination programs, silent second mortgages and kickbacks.
What the penalties that you will be slapped with when find guilty of real estate and mortgage fraud are the Florida state laws. There are certain documents such as bank statements which when used for misrepresentation of facts, can land you in problems with the law enforcement. For more information about the other penalties that you should know about real estate and mortgage fraud, visit the website of this company.