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Home » Practice Areas » White Collar Crimes

Tampa Criminal Defense | Real Estate Fraud

Real estate fraud includes any illegal activities with the purpose of fabrication information on a mortgage loan application, or other real estate related documents, including transfer of money. Real estate fraud may also be called mortgage fraud. Real estate fraud occurs especially during times when real estate prices increase. Joe Caimano can work with you and aggressively defend your case.

Real Estate Fraud describes the different types of fraud that the real estate industry faces and may include title fraud, property flipping, two sets of settlement statements and fraudulent qualifications. The following includes some examples of different types of Real Estate Scams:

  • Builder Buyout

Builders use elevated appraisals, veiled incentives or straw buyers to generate a false image of selling homes. This scheme hurts mostly the real estate market.

  • Chunking

Multiple load application are submitted to various lenders without disclosing the intent to purchase other properties. In some cases, the fraudster promises to handle the paperwork and takes a cut of the proceeds and never leases the property.

  • Double Selling
  • Down Payment Assistance Programs
  • Property Flipping

Property that is bought at a low price and then resold quickly by the buyer for a much higher price. This can be legal, but if false statements to the lender are involved, it is illegal.

  • Phantom Sale
  • Rental Scams
  • Short Sale Scam
  • Straw Borrowing

Another person buys property in order to conceal the actual owner. The buy does not intend to occupy the house or make payments and often deeds the property to the other individual immediately after

  • Equity Skimming
  • False Down Payment
  • Fictitious Loans
  • Foreclosure Rescue

The homeowner is deceived into signing over title to the property with the belief he will be able to remain in the house as a renter and eventually buy it back over time. The terms are impossible to live up to and the homeowner loses his home and any equity he may have had.

  • Foreclosure Skimming
  • Mortgage Elimination Scam
  • Title fraud

Involves identity theft or forged documents to transfer a registered owner’s title to himself without the owner’s knowledge.

  • Fraudulent Qualifications

Real estate agents who assist buyers who would not otherwise qualify by lying about their employment history or credit record.

  • Two Sets of Settlement Statements

A settlement paper is prepared and provided to the seller with the true selling price of the property. A second fraudulent paper is given to the lender displaying a highly inflated selling price. The lender provides a loan in excess of the property’s value, and after the loans are settled, the proceeds are divided among those involved.

In the United States, real estate fraud can hold very heavy penalties including imprisonment and large fines, ranging from hundreds of thousands of dollars to millions of dollars. It is imperative to call Joe Caimano today if you have been charged with real estate fraud.