What are the penalties for foreclosure fraud?

In South Carolina, the penalties for foreclosure fraud depend on the specific charges. Most white collar crimes related to foreclosure fraud are prosecuted as felony offenses. Penalties usually include fines and jail time. If a person is found guilty of false representation in the sale of real estate or providing false information in the purchase of real estate, they can face a fine of up to $25,000 or imprisonment for up to five years. If a person is found guilty of a foreclosure fraud involving loan modification, they can face a fine of up to $50,000 or imprisonment of up to 10 years. If a person is found guilty of conspiracy to defraud a lending institution in a foreclosure transaction, they can face a fine of up to $100,000 and imprisonment for up to 10 years. If a person is found guilty of conspiracy to use a false identity to obtain a loan, they can face a fine of up to $50,000 and imprisonment for up to 10 years. Finally, if a person is found guilty of identity theft, they can face a fine of up to $1,000 and imprisonment for up to five years. In addition to fines and jail time, those convicted of white collar crimes related to foreclosure fraud may also face civil penalties such as restitution, having to pay back the amount of money they obtained by fraudulent means.

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