What You Should Know about the Penalties for Engaging in Mortgage Fraud and Real Estate Fraud in Florida
When the real estate industry became lucrative again, there was a rise in the number of real estate fraud of a couple of years. The reason why fraud is increasing is because there is a high pay off. However, you are going to find that when you engage in the real estate scam, you are going to face harsh penalties. When you want to ensure that you are protected from real estate fraud and you are right with the law enforcement, then this article is what you need. This article is going to provide you with more information about real estate fraud and some of the penalties that are tagged with the fraud. You can also visit this website so that you can find more information from this great article.
As you probably know, there are different types of real estate fraud. In most of the real estate frauds, the victim is taken advantage of and is left helpless. In case you are a worker in the real estate industry and you notice some red flags, it is important not to hesitate to commence legal action. When you find yourself with a chance to commit fraud in the real estate industry, you should resist from the urge because you will be on your way to registering yourself as a convict and will attract penalties.
In most cases, the various types of real estate fraud that you may encounter are equity skimming, home improvement fraud and rental fraud. It is important to note that real estate fraud is connected to various stages involved in the real estate industry. 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.
The Florida state laws are used to govern the penalties for those people found guilty of mortgage and real estate fraud. 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.