I am glad to see that those involved in the SC Loan Scheme have been brought to justice. Proverbs 13: 7 says ” There is that maketh himself rich and has nothing, and there is that maketh himself poor yet hath great riches…” The Leader of the SC Loan Scheme has been sentenced to three years in jail.
What happened in this Loan Scheme in South Carolina?
This loan fraud grew out of the last real estate boom and it costs mortgage lenders over 24 million dollars. A group of mortgage brokers was skimming off the top of the mortgages they were selling and stealing large amounts of money. They would inflate the price of the mortgage and only lend part of it and keep the rest for themselves. Thankfully, their crimes were discovered and they are going to prison. One of the fraudsters said ” I have lost every dime. I have lost it all.”
How does this affect my real estate clients?
Another boom of real estate is happening right now in Summerville SC Real Estate. I am always mindful that I am educating and protecting my buyers and sellers from loan fraud and similar scams. When you are going to buy a Summerville home or sell your Summerville home, make sure you have someone in your corner that has weathered the ups and downs of the market and can guide you through the process.