Mortgage fraud case hits Tampa law firm
Holland & Knight, Tampa law firm, has drafted a fake key document used in a $6.9 million mortgage fraud scheme. Holland & Knight has not been named in any criminal complaint related to the mortgage fraud scheme .The companies used two methods to make money. An inflated price was made to instantly bump up the equity. Straw buyers would then refinance with insured financial institutions, kicking money back. This will help the buyers to get back some money. The second method of fraud involved the buyers purchasing directly from sellers. Then they apply for mortgage loans. Two separate sales contracts are then prepared. One contract will contain payoff language to the title agency, Ocean Title in Tampa. A professor at Stetson University College of Law is of the opinion that the Holland & Knight lawyer may have done nothing out of the way but may have missed an opportunity to uncover the fraud scheme.