Las Vegas Man Files Suit In Loss Of Home In Foreclosure Rescue Deal

KLAS-TV Channel 8 in Las Vegas, Nevada is reporting on the story of a local homeowner who lost his home to a foreclosure rescue operator. The victim has brought suit against the operator and others for breach of contract, bad faith, fraudulent misrepresentation, civil conspiracy and wrongful eviction, among other claims.

The lawsuit alleges that Ken Ragle, aka Kenneth Ragle, the president of a company called Dreamscape Solutions, agreed to purchase the victim's home for $233,000. The deal would stop the pending foreclosure and offer the homeowner the chance to stay put. He would then rent the house from the Ragle and buy it back in a few years for close to a $100,000 over the purchase price. Before the closing, Ragle reportedly flipped the contract to a California realtor named Shana Burbank. When all the dust settled, the $233,000 sales price was never paid, nor was the homeowner's existing mortgage ever paid off, and the homeowner found himself being evicted from his home.

For more, see I-Team Investigation: From Homeowner to Homeless.

To read the lawsuit, see Complaint - Ogilvie vs. Dreamscape Solutions, Inc., Kenneth Ragle, et al.

Go here to watch KLAS-TV report by investigative reporter Colleen McCarty.

(revised 5-12-07)

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