Andrew D. Stine, P.A. - Florida Criminal Defence Attorney

The Financial Times reported that the FBI is specifically targeting violations that include giving false information regarding foreclosure rescue programs and encouraging borrowers to provide misleading information on mortgage applications.

Mortgage fraud has grown drastically over the last few years and counties like Palm Beach County now have Mortgage Fraud Task Forces. There are many different kinds of mortgage fraud; income fraud, employment fraud, failure to disclose liabilities, fraud for profit, appraisal fraud and cash-back schemes.

A Boynton Beach couple, a Delray Beach man and a Miami woman were indicted in a $6 million mortgage scam yesterday. The U.S. Attorney's Office announced the arrest of Carlos Cano, 53, of Delray Beach, Robyn L. Colon, 34, of Boynton Beach, Jose L. Colon, 52, of Boynton Beach, and Maria L. Lozada, 40, of Miami. The four are accused of defrauding three banking institutions and other lenders of more than $6 million in loans.

Mortgage fraud consists of a wide range of crimes where people deliberately misrepresent the truth or conceal facts on a mortgage application. In federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud and money laundering - with penalties up to 30 years in prison. Mortgage fraud has grown dramatically over the last few years and many states have begun to enact their own penalties. The state of Florida along with cites and counties including Palm Beach County have established Mortgage Fraud Task Forces.