Useful Information about the Penalties for Mortgage and Real Estate Fraud in the State of Florida
With the real estate flourishing again, this has led to the rise in real estate fraud. The real estate fraud as grown rapidly because the pay is usually substantial. You will however find that the penalties for taking part in the real estate fraud are extremely harsh. 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. In this article, you are going to find a breakdown of what real estate fraud is and the penalties that you can expect. So that you can discover more information, it is advisable that you have a look at this other great article.
It is important to understand that there are different kinds of real estate fraud. In most of the real estate frauds, the victim is taken advantage of and is left helpless. 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. And if you are in a position where it is easy to commit fraud, it is important that you stop because you might attract harsh penalties and be registered as a convict for the rest of your life.
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. It is worthy to note that foreclosure rescue is one of the top real estate fraud. 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 wide range of potential fraud that may be found in the two types of mortgage fraud above include kickbacks, silent second mortgages and mortgage elimination programs.
Penalties for mortgage and real estate fraud are governed by the Florida state laws and a person is guilty when they break any of the 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.