Florida Rises to the Top: In Cases of Mortgage Fraud

Florida Rises to the Top:  In Cases of Mortgage Fraud

With real estate prices steadily rising, the Florida real estate market has started to rebound. However, mortgage servicing experts warn that lenders should be prepared for more cases of mortgage fraud.

As the national mortgage fraud index reached a 5 year low, Florida remains the center of attention by touting the highest dollar amount of mortgage fraud in the country in the 4Q of 2012.

The term “Mortgage Fraud” is used when a borrower intentionally submits false information to a lender in order to be approved for a loan.

Recently, a mortgage servicing expert cautioned lenders that the recovery we are experiencing could create opportunities for increased cases of mortgage fraud.

florida property guidingA recent report shows that nationwide, there was approximately $1.25 billion in mortgage fraud in the fourth quarter of 2012. Of that $1.25 billion, Florida rises to the top with almost $250 million. The much larger State of California took second place with approximately $195 million. That means nearly 20 percent of all the mortgage fraud taking place in the U.S., is going on right here in “The Sunshine State.”

According to the Florida Office of Financial Regulation, they stopped investigating mortgage fraud late in 2011.

If you or someone you know is facing foreclosure, or are falling behind on the payments, you should contact a licensed Florida attorney to discuss your options. If you would like schedule a free consultation, or have any comments or suggestions on upcoming topics, please comment below or email GuirguisLaw@gmail.com.

By its very nature, this is a generalized discussion, not intended for any particular set of facts.  By no means does this blog create an attorney-client relationship or attorney-client privilege between the attorney and the readers. The law frequently changes as new cases are decided and published regularly. Anything relied upon in this or any blog, is done so at the readers own risk.

VERNON W. GUIRGUIS, ESQ.
The Guirguis Law Firm, PLLC
“Your Rights are My Fights!”™
1423 S.E. 16th Place, STE 204
Cape Coral, Florida 33990
239.573.9939 Telephone
239.603.6965 Facsimile
GuirguisLaw@gmail.com

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Posted on April 10, 2013, in Legal and tagged , , , , , , , , , , , , , , , . Bookmark the permalink. 1 Comment.

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