Court Date Postponed for Man Accused of Victimizing Tracy Couple

The man accused of victimizing the Tracy, California couple in a reverse mortgage home equity scam (reported in my December 10, 2006 post) has been postponed to early January, according to this report in the Tracy Press.

The suspect, who reportedly got the homeowners to unwittingly sign over their home of 30 years in a transaction they believed to be a reverse mortgage, was arrested for suspicion of forgery, grand theft, financial elder abuse and conspiracy and was originally scheduled to enter a plea this past Tuesday.

Authorities report that there may be at least two other homeowners that may be considered victims, and there may be other arrests involving the notaries and the individuals currently holding title to the homes belonging to the homeowners.

(I suspect authorities are currently attempting to work out a plea deal either with the suspect or with his alleged confederates in exchange for cooperation in obtaining convictions.)

In a related story, see Arrest puts reverse mortgages in spotlight, also reported by the Tracy Press.

Go here for other posts on reverse mortgage problems.

Go here , go here , and go here for other posts on elder financial abuse. zeta zebra