Thousands of Florida mortgages could be at risk because of insurance abuse

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Thousands of seniors who received reverse mortgage loans since the program began in 1990 have been unable to keep up with rising taxes and insurance costs, and their lenders foreclosed. Others lost.

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The decision could put the mortgages of thousands of homeowners in jeopardy because mortgages backed by Fannie Mae and Freddie Mac require property insurance to be A-rated or the policies could be.

Mortgage Application Fraud Highest in Florida Melody Shimmell, the vice president of risk management and fraud at Century Bank in Sarasota, is one of the pre-eminent mortgage fraud experts in Southwest Florida. She played. A: The crime I see.Convicted mortgage fraudster gets 9 years in prison for role in South Florida scheme A North Miami Beach resident is heading to federal prison for leading a $3.5 million mortgage fraud scheme in South Florida, the mortgage fraud. convicted mortgage fraudster gets 9 years in.

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Democratic Presidential Debate - June 27 (Full) | NBC News If a borrower does not pay the lender-placed insurance policy premium, they could be at risk of foreclose. Concern have also been raised over whether the growing use of lender-placed insurance is "reverse competition," where the lender chooses the coverage provider and amount, yet the consumer is obligated to pay the cost of coverage.