Miami real estate news and information

% of Mortgage Fraud on Foreclosures in Miami in 2010?

A bevy of  probing questions  were posed to Miami Realtors, Pam Mayers and Vicki Restivo,  March 7th, 2010 at the Miami event “Taste of Pinecrest”. 

The community event,  at Pinecrest Gardens, gave Miami residents a chance to ask their real estate related questions of EWM Real Estate Consultants, Vicki Restivo and Pam Mayers, hosting a booth there for that purpose. 

Many of the questions posed pertained to property values,  real estate market forecast, interest rates,  current real estate market trendsthe market outlook for 2010, investment opportunities, foreclosures, downsizing, selling versus waiting, market pulse, neighborhood specific information, renovating versus selling,  price per square foot, the ins and outs of  short sales, refinancing loans, the Miami condo market,  how to price  a home for sale in this market, selling versus renovating…  home values… and buying and selling in the current real estate market.

Question: “What’s the  percentage of mortgage fraud on Foreclosures now in Miami?”  was one of the more poignant questions, without a clear answer.   The person asking presumed that mortgage fraud, at this point, was a thing of the past.   Not quite.

Answer: Mortgage fraud has definitely not gone away. “I  have no way of guesstimating the percentage of mortgage fraud on foreclosures right now in Miami, but a Miami mortgage fraud task force meeting in February 2010 (attended by federal and state officials, through a variety of agencies) gave every indication that mortgage fraud is an ongoing, serious problem in Florida.  The FBI currently has over 350 agents investigating  2,944 cases of mortgage fraud, as of January 2010.  That’s  three times the number of agents assigned to handle mortgage fraud investigations  back in 2007  -when the FBI had  a mere 120 agents assigned to investigate mortgage fraud.”

Your inquiries at the Taste of Pinecrest were great. Your neighbors have the very same questions you do…  Thanks for asking them!  More questions?  Just ask.  We’ve got answers.

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