Mortgage Fraud Criminal Penalties Increased

In wake of the recent rise in mortgage fraud in the state of Florida, the legislature has responded. Mortgage, which used to be a 3rd degree Felony, punishable by 5 years in prison and $10,000 in fines, has been upgraded to a 2nd degree felony. Now mortgage fraud is punishable by 15 years in prison and a fine of $100,000.00. In an effort to further deter mortgage brokers from inflating home values to lenders in order to obtain large amounts of money through the financing of property, individuals involved in these scams will now face longer prison terms and stiffer fines.

As a realtor, what does this mean for me? Well, I can be assured that underhanded mortgage brokers will be dealt with even more seriously through the court system. While it is impossible to completely flush out the problem of mortgage fraud, this is certainly a step in the right direction. If you, or anyone you know is interested in purchasing a home the right way, contact Harris W. Gilbert today at (786) 371-4431.

Harris W. Gilbert
Commercial Sales & Leasing
The Keyes Company Commercial Division
2121 SW 3rd Avenue
Miami, FL, 33129
Direct: (305) 779-1902
Cell: (786) 371-4431
harrisgilbert@keyes.com
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