Mortgage Fraud now a Crime…
Florida Senate Bill 1824 would make mortgage fraud a third-degree felony. It would be punishable by up to five years in prison. It will be worse for those who commit fraud in two or more transactions: a second-degree felony, punishable by up to a 15-year sentence. This law could enter into effect on October 15, 20005 if signed by Governor Charlie Crist.
The recent real estate bubble resulted in the highest numbers of foreclosures ever, right across the country. Analysts had predicted such an outcome because of poor government regulations and poor lending practices. Although it may come as a little to late, it’s hopeful that’s not so.