I know, the headline had you reminiscing back to a wonderful 2006 in Florida football, where the Gators chomped those annoying Buckeyes…but let me get back on track…
Today I’m not talking about anything nearly as pleasant…
As reported by Fannie Mae in June 2007 and by the Mortgage Asset Research Institute in May 2007, Florida led the nation in mortgage fraud rates this past year. Within Florida, South Florida has the highest rate of mortgage fraud in the state.
Being #1 in mortgage fraud is NOT a title we should brag about!
A few years ago, Georgia held this distinction, until they got serious and cracked down…now Florida has taken over their title, and it’s going to get WAY worse before it gets better. In my experience for every one of these organized fraud rings they bust, there are hundreds of brokers, real estate agents, buyers, and sellers that are either knowingly or unknowingly committing fraud every day, just not in the multi-million dollar scale that makes the headlines.
When times are tight (like now), people may be tempted to “fudge†the rules a little bit, but please believe me when I tell you…it’s not worth it! As of October 1, 2007, mortgage fraud is a 3rd degree felony for ALL parties involved! That not only means fines, but it also means Jail Time!
I’ve always believed (and run my business) on the theory that one deal is NOT worth the risk, and if it can’t be done the right way, then maybe that buyer doesn’t really belong in that house.
Please, think twice about it before you cross that line…I don’t want to hear about YOU on the six o’clock news…here’s a warning from the FBI, please take it seriously…
“The mortgage lending and housing market have a considerable overall effect on the nation’s economy and combating mortgage fraud will remain a top priority for the FBI,” said Jonathan I. Solomon, special agent in charge of the FBI’s Miami office.
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