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Mortgage fraud occurs when someone intentionally misrepresents information on mortgage loan application in order to obtain the loan. Given South Florida’s reputation in prime real estate, this crime occurs frequently in the Sunshine State, and the FBI has listed Florida as one of the top 10 mortgage fraud areas in the country. Miami-Dade County leads the state in fraud loans. In response, federal, state, local authorities, and banks/mortgage lenders have teamed up to put an end to mortgage fraud. |
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In Miami-Dade County, the Office of the Mayor has created the Mortgage Fraud Task Force to combat this crime. The Task Force has the specific goal of targeting those who commit mortgage fraud and to help enforce the 2007 Florida Mortgage Fraud Statute. If convicted under this new law, the defendant faces a possible five (5) year prison sentence.
Read the new Florida Statute on Mortgage Fraud here: |
If you or someone you know has been accused of Mortgage fraud, the Abreu Law Firm, Criminal Defense Lawyer in Miami, can help, call 305.350.2700 for a free consultation in either English or Spanish. |
Examples of Mortgage Fraud: |
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Occupancy fraud: When the borrower wishes to obtain a mortgage to acquire an investment property, but instead the buyer claims (on the loan application) that it will occupy the property as a resident. |
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Employment/income fraud: Borrower overstates income in order to qualify for a larger loan amount. |
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Failure to disclose liabilities: Borrower may conceal obligations, such as other mortgage loans or newly acquired credit cards, in order to reduce the amount of monthly debt declared on the loan application. |
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Mortgage fraud ring: A complex scheme involving multiple parties in an attempt to defraud a lender of money. Examples include the "straw borrower" whose credit is used to obtain a loan, a dishonest appraiser who intentionally overstates the value of the subject property, an attorney who prepares two sets of HUD closing documents, and a property owner who, in coordinate with each other, attempt to deceive the bank into giving a larger loan amount than necessary. |
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Appraisal fraud: Appraised value of home is deliberate overstated. |
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Shotgunning: A person takes out multiple loans for the same home simultaneously, then leaves the country. |
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The Abreu Law Firm , Criminal Defense Attorney in Miami, is a full-service criminal defense firm representing clients in both State and Federal Courts. We strive for excellent client service. Our attorneys are always accessible to our clients and we pride ourselves on keeping our clients fully informed throughout all stages of their case. The Firm is located in Miami, but takes cases in all counties and cities within the State of Florida. By concentrating on criminal defense, the Abreu Law Firm can focus its expertise and experience on defending your case and getting you the best possible result.
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