The 2023 Florida Statutes (including Special Session C)

Title XL
REAL AND PERSONAL PROPERTY

Chapter 697
INSTRUMENTS DEEMED MORTGAGES AND THE NATURE OF A MORTGAGE

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F.S. 697.08

697.08 Equity skimming.—

(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

(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.

History.—s. 1, ch. 94-288; s. 775, ch. 97-102.

F.S. 697.08 on Google Scholar

F.S. 697.08 on Casetext

Amendments to 697.08

Arrestable Offenses / Crimes under Fla. Stat. 697.08

Level: Degree
Misdemeanor/Felony: First/Second/Third

S697.08 - EMBEZZLE - EQUITY SKIMMING - F: T

Annotations, Discussions, Cases:

Cases from cite.case.law:

MINALLA, v. EQUINAMICS CORPORATION,, 954 So. 2d 645 (Fla. Dist. Ct. App. 2007)

. . . as a "sale lease option” would enforce an illegal equity skimming contract in violation of section 697.08 . . .

CITATION MORTGAGE, LTD. v. RC OF A RETIREMENT LIVING LTD. SERIES III,, 753 So. 2d 777 (Fla. Dist. Ct. App. 2000)

. . . at the time of the assignment of rents or the transfer of the assignment to appellants, and section 697.08 . . .