Fund News and Alerts

Recently, officials at GMAC Mortgage, a division of Ally Financial, Inc., JP Morgan/Chase, and most recently Bank of America announced that they are halting evictions of foreclosed borrowers and are halting REO sales in 23 states, including Florida.

The conveniences of on-line banking and wiring funds bring new and significant risks.

The Fund has been made aware of another type of fraudulent check scheme that is being perpetrated in Florida.

The mailing address for your reconciliations has changed again.

The Fund would like to alert our members to a scam that you should be aware of.

The Fund has become aware of several "short sale programs" advertised on the internet and elsewhere that promise to make the investor lots of money with little or no work by purchasing and selling property through short sales.

The Miami-Dade Board of County Commissioners (BCC) on March 3rd, 2009, implemented new procedures addressing Ordinance No. 08-133, effective 10 days after its adoption, unless vetoed by the Mayor. If vetoed, the resolutions become effective upon an override by the BCC.

We have become aware of a scam wherein criminals posing as potential buyers of real property are asking law firms and title agencies for wiring instructions, purportedly for the purpose of initiating an incoming wire of deposit funds.

The Fund has received information about an identity theft scam involving vacant lots in Lee County. The lots are owned by people residing in foreign countries. The identities of the owners are stolen, and the imposter lists the vacant lot for sale. The imposters only communicate by e-mail, and provide deeds executed and notarized in African countries. When the Consul of one African country was consulted, he verified that the notary seal was bogus and the address the imposter/seller provided did not exist.

With some of the most potentially impactful real estate legislative developments in decades transpiring both in Tallahassee and in Washington, The Fund remains active in advocating for members' legislative interests. This update from The Fund includes key highlights of both the Florida Title Insurance Study Advisory Council and the newly-released RESPA Reform rule. We hope that you will share this information and use it to open or continue dialogue with your fellow real estate professionals and policy makers.