South Carolina Man Sentenced to Prison in Rent-to-Own Mortgage Fraud Scheme

South Carolina Man Sentenced to Prison in Rent-to-Own Mortgage Fraud Scheme

(Source: USDOJ) Columbia, South Carolina—- United States Attorney Bill Nettles stated that Michael Yant, age 40, of Lexington, South rent toown scamCarolina, was sentenced today in federal court in Columbia, South Carolina, for Wire Fraud, a violation of 18 U.S.C. § 1343, in connection with a mortgage fraud scheme.  United States District Judge Joseph F. Anderson, Jr., of Columbia sentenced Yant to five months of incarceration, to be followed by five months home confinement.  Yant also was ordered to pay almost $270,000 in restitution to the U.S. Department of Housing and Urban Development.

Evidence presented at the change of plea hearing established that between November 2011 and December 2013, Yant and others committed mortgage fraud on approximately fifteen Federal Housing Administration (FHA) loans. Specifically, Yant engaged in a prohibited rent-to-own scheme.  Yant collected rent from future buyers and used those funds for the buyer’s down payment at closing. Further, Yant added buyers to other people’s credit accounts as authorized users to enhance the buyer’s credit scores. (more…)