Useful Information about the Penalties for Mortgage and Real Estate Fraud in the State of 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 real estate fraud as grown rapidly because the pay is usually substantial. However, the penalties for engaging in real estate fraud are also harsh. For anyone that wants to learn how to protect themselves from the real estate fraud and to ensure that they are always on the right side of the law, this article is for you. By reading this article, you’ll understand more about real estate fraud and the penalties that can accompany it. If you want more information, also ensure that you check out this great article.
You will find that there are several types of real estate fraud. A lot of times, in many of the real estate frauds, the victim is left helpless after being taken advantage of. If you work in the real estate industry and you identify some red flags, it is advisable that you take legal action against the scammers. 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 should know that real estate fraud is usually linked to certain stages in the real estate. One of the main types of real estate fraud that should look out for is foreclosure rescue. The other main type of real estate fraud is known as mortgage fraud. This fraud focuses on people that are in debt and may entail fraud for housing and fraud for profit. 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. Anyone that misrepresents facts in certain documents such as the bank statements, you will be engaging in real estate fraud and will be charged by the legal authorities. Be sure to visit this website so that you can discover more about the other penalties for real estate fraud and mortgage fraud.