December 18, 2007

Mortgage Fraud on Marco Island Makes NY Times Headline

Just what every Marco Island Resident doesn't want to see. Another negative headline involving Marco Island. Recently I wrote about the Madeira and now this NY Times Headline today... There are 15 homes on Marco Island that are involved in this Federal Inditement filed in United States District Court according to the Marco News.

Read Also the Article in the Marco News which has a rather lively debate going on.

Mortgage Fraud hurts real people and it is scary to think that Florida leads the nation in this crime. Marco Island properties are part of Federal prosecutors indictment of 31 people in connection with a mortgage fraud scheme involving at least 28 properties in South Florida and fraudulent loans totaling more than $14.2 million.

You have to wonder how many homes on Marco Island have been affected by these Mortgage Fraud schemes. First there was fraud with the values going up, now there is fraud with the price correction that the area is experiencing. Marco Island borrowers can protect themselves -- as long as they know the warning signs and resist the temptation to bend the rules.

Just remember Marco Island if it sounds too good to be true, it probably is.

So what is Mortgage Fraud? Well to help educated the public Freddie Mac recently released a great video helping to explain it.

Related Articles and Resources:

Realtor Fraud
How mortgage fraud costs you
Avoiding Mortgage Fraud
About Mortgage Fraud
Mortgage Fraud 101
Mortgage Fraud Affects Many
Massive $14 million real estate scam linked to SWFL
31 Indicted in Home Load Fraud

read more digg story

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