How Is Restitution Calculated for Mortgage Fraud in Florida?

Question from Howard, How Is Restitution Calculated for Mortgage Fraud in Florida?

Answer from AI:

When ordered to pay restitution due to mortgage fraud in Florida, the amount and terms of repayment can vary based on the specifics of the case and the court’s decision. Restitution is generally intended to compensate the victim—in this case, the bank—for the actual losses suffered as a result of the fraud. Here are some general guidelines to understand how restitution might be calculated and paid:

Understanding Restitution

Restitution is a court-ordered payment from the defendant to the victim to “make them whole” or to restore them to the financial position they would have been in if not for the crime. It is not the same as a fine or penalty, which is paid to the state as punishment.

Calculating Restitution Amount

• The restitution amount typically reflects the actual financial loss the bank incurred due to the mortgage fraud. This could include the unpaid balance of the loan, any costs associated with the fraud, and possibly lost interest.
• Restitution is not directly tied to the interest rate of the loan at the time it was taken out or the current interest rates. It is more about the losses from the fraudulent activity.
• The court will consider various factors, including the details of the fraud, the amount of loss, and the defendant’s ability to pay when determining the restitution amount.

Payment of Restitution

• Restitution payments are separate from your regular mortgage payments. They are typically paid to the court or a designated agency, which then forwards the payment to the bank.
• The court may set up a payment plan for restitution, which could involve monthly payments over a period of time.
• Failure to pay restitution as ordered can result in additional legal consequences, including potential incarceration or additional fines.

Continuing Mortgage Payments

• If you still own the property and have not been foreclosed upon, you would generally be required to continue making your regular mortgage payments as per the terms of your loan agreement.
• Restitution payments would be in addition to any mortgage payments you are required to make.

Legal Advice and Assistance

Because the calculation and payment of restitution can be complex and are highly specific to the details of each case, it is important to seek legal advice from a qualified attorney who can provide guidance based on your particular situation. An attorney can help you understand the court’s order, negotiate payment terms, and ensure that you are in compliance with all legal requirements.

For more information on restitution and its enforcement, you can refer to the Mandatory Victims Restitution Act (18 U.S.C. § 3663) and the Department of Justice’s guidelines.

Remember, this information is general in nature and should not be considered as legal advice. It is always best to consult with a legal professional who can provide personalized advice and representation.