697.08 Equity skimming.
152 words·~1 min read·
/fl/title-xl/chapter-697/697-08A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)It is unlawful for any person, with intent to defraud the owner of real property, to engage in equity skimming, which is, to:
(a)Purchase, within a 3-year period, two or more single-family dwellings, two-family dwellings, three-family dwellings, or four-family dwellings, or a combination thereof, that are subject to a loan that is in default at the time of purchase or within 1 year after the time of purchase, which loan is secured by a mortgage or deed of trust;
(b)Fail to make payments under the mortgage or deed of trust as the payments become due, regardless of whether the purchaser is obligated on the loan; and
(c)Apply, or authorize the application of, rents from such dwellings for the person’s own use.
(2)A violation of subsection
(1)constitutes a felony of the third degree, punishable as provided in s. 775.082 , s. 775.083 , or s. 775.084 .