Call Fort Lauderdale mortgage fraud defense lawyer Deric Zacca, P.A., today if. purposeful error, or misstatement on a mortgage application loan in order to seek a. the following are some of the most prevalent types of mortgage fraud schemes:. P.A., representing individuals throughout Fort Lauderdale in Florida state.
Mortgage fraud is a serious offense and can lead to prosecution and jail time for convicted offenders. Under U.S. federal and state laws, mortgage fraud can result in up to 30 years in federal prison, and up to $1 million in fines. The Growth of Mortgage Fraud. Mortgage fraud is a growing problem.
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The company’s National mortgage application fraud Risk Index increased only slightly in the first quarter of 2019 from the end of 2018 and is at 152. This is a 6 percent increase year over year from 144 in the first quarter of last year. Florida remains the fraud capital; eight of the top 15 metro areas on the fraud index are in the state.
Mortgage fraud refers to an intentional misstatement, misrepresentation, or omission of. This was most often seen with so-called "stated income" mortgage loans (popularly referred to as "liar loans"), other properties or newly acquired credit card debt, to reduce the amount of monthly debt declared on the loan application.
(WFLA) – Tampa Bay is the sixth most high-risk metro area in the country for mortgage application fraud, according to.
California Woman Sentenced for Mortgage Fraud and Identity Theft. The loan applications contained materially false information as to the straw buyers'. Pean , who is from Haiti and had been residing in Florida, pleaded guilty on Feb. Fattah, Jr. was serving as the chief operating officer of Delaware Valley High School,
Mortgage fraud includes a whole category of illegal business dealings. The different schemes that may be used include, but are certainly not limited to, property flipping, equity skimming, application fraud, credit or income misrepresentation or asset and down payment misrepresentation. Mortgage industry professionals and law enforcement break
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Fraud on U.S. mortgage applications has risen to its highest level in more than seven years, according to a new report that details the risks to.