South Carolina Equity Skimming is a form of financial fraud where an individual or company takes money from the equity value of a property without permission. The perpetrator then uses the funds for their own personal gain without the knowledge of the rightful owner. It is a serious offense and can be punishable by both civil and criminal sanctions. There are two main types of South Carolina Equity Skimming: 1. Fraudulent Conveyance: This type of equity skimming involves a person or company transferring the title of a property with the intention of avoiding payment of a debt or other obligation. 2. Deceptive Practices: This type of Equity Skimming includes taking out a loan using a falsified document or misleading the lender in order to obtain a loan. This type of fraud can also include providing false information on an application or giving false assurances that the property will be used as collateral.
South Carolina EQUITY SKIMMING
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Phantom Sale: A fraudster identifies a property, which. is typically abandoned, and then files a false deed that transfers the property to the fraudster or a co-conspirator. The scammer then applies for a mortgage loan, or conveys the property to a co-conspirator, and then pockets the loan proceeds or sale proceeds.
Equity Skimming is a Mortgage Fraud committed by skimming the equity from a property as part of subprime lending refinancing. This fraud occurs when a homeowner who is in default on their real estate taxes or mortgage is offered a loan to prevent immediate foreclosure.
The Florida Legislature has provided that equity skimming is a third degree felony. A person convicted of a third degree felony may be subject to imprisonment of up to five (5) years and a $5,000 fine.
Equity Skimming is a Mortgage Fraud committed by skimming the equity from a property as part of subprime lending refinancing. This fraud occurs when a homeowner who is in default on their real estate taxes or mortgage is offered a loan to prevent immediate foreclosure.
What Are Some Examples of Equity Skimming? There are several examples of equity skimming, but some of the most common include the following: Renting out a property while not making mortgage payments: A perpetrator obtains a mortgage loan in the name of the property owner but does not make payments on the loan.
In Florida, a person commits a third degree felony of he or she engages in the practice of equity skimming.