South Florida National Leader in Mortgage Fraud

South Florida in the news again for all the wrong reasons as reports released indicate that the area is beset with a raft of mortgage fraud offences

Stop Mortgage Fraud

Here are some details reported in the Miami Herald – quote – Miami-Dade, Broward and Palm Beach counties logged 3,039 reports of questionable mortgage loan activity between July and September, about 33 per day, and more than any other metropolitan area in the nation. Florida’s 5,404 suspicious activity reports, or SARs, during that time period ranked it second in the nation, behind California. On a per capita basis, Florida ranks ahead of California.

Miami-Dade County had the lion’s share of South Florida’s fraud reports, with 1,784 in the third quarter, second only to Los Angeles County, which had 1,967.

Jonathan Heller, a Miami defense lawyer defending a client who he believes was a victim of mortgage fraud, said he is not surprised by South Florida’s ranking.

“When you have mortgage brokers who are unsavory, who are fueled by irresponsible lenders, it’s like the perfect storm,” he said.

Nationwide, there were 16,693 suspicious activity reports in the third quarter of 2010, up 2 percent from the same period in 2009. Florida was responsible for 32.3 percent of the nation’s mortgage loan fraud reports that quarter, the report found.

The top types of mortgage fraud reported were false statements, debt elimination scams, identity theft and money laundering.

The authorities and law enforcement officers need to work on routing out these mortgage fraud criminals and get the mortgage services sector cleaned up!

‘Mortgage Fraud creates such negativity that people will not do business with mortgage brokers as the fear they will be duped for their money!’

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