Mortgage Fraud- As Seen in South Carolina

Mortgage fraud is rising fast in USA and in South Carolina in particular. These types of fraud are generally taken care by the US Federal Bereau of Investigation. Some other agencies that look after mortgage frauds may include: Internal Revenue Service -Criminal Investigative Division aka (IRS.CID), United States Postal Inspection Service aka (USPIS), US Secret Service(USSS), US Immigration and Custom Service and many more. There are wide list of these agencies.

The FBI works hand in hand with the Financial Crime Enforcement Network also known as FinCen. Created in 1990, FinCen is a bereau of the US Department of Treasury. The main they do is to collect and analyze the information about the financial transactions. This is done in order to fight to eliminate financial crimes like mortgage frauds, money laundering and terriost financing.

FinCen is a way to bring information and people together to fight and combat the financial crimes. This can be done by implementing information sharing among law enforcement agencies.

Mortgage fraud is prosecuted by the federal prosecutors in South Carolina. The USAO also known as  United State Attorny's Office has almost about 50 prosecutors in the state and has offices in: Charleston, Columbia, Florence and Greenville. While doing the investigation individual's with even the slightest knowledge is taken for recording  a statement. A subject is a person who possibly may be the person who commited the mortgage fraud.

The states that has an increasing number of mortgage frauds include: Carolina, Florida, Georgia, Illinious, Indiana, Michigan, New York and Ohio.

In the coastel regions of South Carolina a number of mortgage frauds have taken place. Some of the counties includes: Horry County, Florence County,Georgetown County and Charleston County. The reason for increasing number of mortgage frauds and financial frauds is due to a large number of similar real estates projects.

The typical mortgage fraud schemes may include:

·         Air Loans: this type of fraud scheme is a loan obtained on a property or a borrower that does not exist.

·         Appraisal Fraud: this occurs when a dishonest person appraises a property and increases its net value.

·         Flipping:  this happens when a seller gives a wrong value price of a property, inorder to sell that land to the buyer.

·         Foreclosure Scheme: it is a scheme that targets people facing issues with their homes like potential foreclosure. The scheme usually prey's on house owners whose house mortgages are in default.

In South Carolina, FBI has identified a number of indicators of mortgage frauds. This may include; inflated appraisals, increased number of bonus for brokers, and so much more. The first and the biggest fraud  of bank mortgages in South Carolina took place in the 1990s in the Charleston Division.

The criminal defence attorny in South Carolina must have the knowledge of the mortgage fraud in order to represent the clients who have been charged. It is important to differentiate between the target, witness or the subject, because this can greatly affect how the case will be handled.
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