Mortgage fraud and bad practices have become such a problem in South Carolina that the SC Dept of Consumer Affairs has opened a hotline to handle complaints and investigate shady companies for those struggling to repay a difficult mortgage.Not only have the ARM loans gone up to ridiculous rates with people who often never should have been approved for the amount of home they bought, but it seems that often times the mortgage companies themselves have closed offices and are not responding to borrowers who are desperately trying to negotiate and keep their homes.
Charles Knight, an attorney with Consumer Affairs advises that our Attorney General, Henry McMaster has set up, staffed, and funded an investigative unit for mortgage company consumer problems.
More information can be found at the Mortgage Fraud Hotline.
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