The Housing Crisis Is Making Criminals In The Fort Lauderdale Real Estate Market
Everyone here at the Fort Lauderdale Real Estate blog spends time each week keeping up on the latest news and laws that affect Fort Lauderdale home prices and trends. In reading a recent article in the South Florida Sun Sentinel regarding mortgage fraud, the paper made a startling assertion.
According to a group called the Mortgage Asset Research Institute, mortgage fraud can be found in an estimated 80% of ALL foreclosures. Think about that for a moment and put that in perspective. RealtyTrac, a California company that tracks foreclosures, has reported that there were 290,631 foreclosure filings nationwide in February of 2009. So take 80% of that number and you have 232,505 CRIMINALS involved in the US housing market, in JUST ONE MONTH.
Think I am being a bit harsh? Remember that we are talking about mortgage fraud here and Florida legislators recently made mortgage fraud a second-degree felony. That’s right, we have a record number of new felons walking around the country each month. What is even scarier is the financial toll that this alleged fraud has caused our economy.
According to Glenn Theobald, chief legal counsel for the Miami-Dade Mortgage Fraud Task Force, the cost cannot even be estimated yet, but he is sure it will be in the billions. That’s billion right here in South Florida and our Fort Lauderdale Real Estate market.
Being a veteran of Fort Lauderdale real estate, I presumed there were some people trying to take advantage of a hot real estate market, where prices were continually rising. There are always a few people who will go outside the law if there is enough money in it for them. But I have to say that I NEVER thought that number was 80% of those now in trouble.
I can’t for the life of me understand how the Mortgage Asset Research Institute came up with 80%.
I personally know a number of individuals who are currently in foreclosure. Many of them are our clients and we are in the process of doing short sales on their homes. I know each of them to respectable individuals who hit hard times due to the economy and could no longer afford their properties. We have been VERY successful in helping these homeowners out of a bad situation and they are always thankful.
If you find yourself in this situation, if you are in need of help with a home you can no longer afford, please give us a call or email so that we can help. There are alternatives to just walking away from your home.
Related posts:
- Have You Thought About Buying A Foreclosure Or REO Bank Owned Property In The Fort Lauderdale Real Estate Market Or South Florida Real Estate Market
- Buying Foreclosures In The Fort Lauderdale Real Estate Market And South Florida Real Estate Market
- Housing and Economic Recovery Act of 2008 May Help First Time Homebuyers In The Fort Lauderdale Real Estate Market
- The Deflationary Crisis And Its Affect On The Housing Market
- Buyer’s Rule In The Fort Lauderdale Real Estate Market
- WOW! Fort Lauderdale Real Estate Is One Great Market For Buyers! What a Market!!
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