Facing the Consequences of Real Estate Fraud

🔍Real estate fraud schemes can involve misrepresenting occupancy status and obtaining fraudulent financing.

💰Fraudsters may seek to profit from the sale of properties obtained through fraudulent means.

🕵️Legal action may be threatened in response to real estate fraud, but negotiations and repayments can sometimes avoid prosecution.

💣The consequences of real estate fraud can have a significant impact on both the fraudsters and the victims involved.

💡Instances of fraud within the real estate industry highlight the need for greater diligence and oversight.

What are some common real estate fraud schemes?

—Common real estate fraud schemes include property flipping, straw buyer fraud, and mortgage fraud.

What are the potential consequences of real estate fraud?

—The consequences of real estate fraud can range from legal action and financial penalties to damage to one's professional reputation.

How can individuals protect themselves against real estate fraud?

—Individuals can protect themselves against real estate fraud by conducting thorough due diligence, working with reputable professionals, and being aware of common fraud schemes.

What is owner-occupied fraud?

—Owner-occupied fraud refers to misrepresenting the occupancy status of a property in order to obtain financing benefits that are only available to owner-occupied properties.

Can negotiations and repayments help avoid legal action in cases of real estate fraud?

—In some cases, negotiations and repayments can be made to avoid or minimize legal action in cases of real estate fraud.

00:03The narrator discusses living in Tampa Heights and renovating a building into a Triplex.

01:02A phone call reveals that a mortgage payment was not made by Allan Duncan, raising suspicions of fraudulent activity.

03:07The narrator calls the bank to resolve the payment issue and offers to repay the money.

06:32The narrator contacts a lawyer from Washington Mutual to discuss a possible fraud incident with owner-occupied duplexes.

10:00Negotiations with the bank lead to a refinancing deal and a reduced balance owed.