It took real estate broker Wayne Blackburn less than a minute to spot the fraud in documents for a pending Fort Lauderdale, Fla., home sale.
A settlement statement showed a $1.2 million purchase price when the contract price was $830,000.
South Florida real estate agents and regulators complain that the latest type of mortgage fraud, illegal cash-back deals, is on the upswing. Getting cash back at closing is not automatically fraudulent, but it is if lenders don't know or approve of the arrangement. A new state law criminalizes mortgage fraud for the first time in Florida, and the omission of required information is a felony. That puts salespeople, buyers and sellers on the hook for looking the other way.
August 01, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
It took real estate broker Wayne Blackburn less than a minute to spot the fraud in documents for a pending Fort Lauderdale, Fla., home sale.
A settlement statement showed a $1.2 million purchase price when the contract price was $830,000.
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