Equity Stripper Ordered To Return Deed To Home To New Jersey Resident; Status Of Existing Mortgages Up In The Air

In Ocean County, New Jersey, the Asbury Park Press reports on a local homeowner who found herself unwittingly signing away her home in another bogus Charles Head-orchestrated sale leaseback deal:

• Marie Citarella said she never wanted to sell her house. But land records show Citarella signed a "warranty deed" to Michael and Deanne Mattice of Colorado Springs, Colo., transferring the property for nothing, and thus paying no real estate transfer taxes. The Mattices, in turn, took out two mortgages on the property for a total of $204,250, according to documents. Neither the Mattices or their attorney could be reached for comment. However, a letter to Citarella from the Mattices' attorney said the couple was working with the U.S. Attorney's Office in Sacramento, Calif.,which is leading the investigation, and expressed the couple's intention to return the property to her.

Citarella said that Charles Head, a principal in FundingForeclosure (aka Funding Foreclosure), attempted to evict her in June 2007, but an attorney representing Head dropped the case after reviewing Citarella's paperwork. The attorney said he no longer represents Head or his companies and declined to comment further.

The home went into foreclosure, and while the local judge in Toms River, New Jersey ordered the Mattices to reconvey the title to the home to Citarella, it appears that the foreclosure action is continuing, though the judge did give Citarella a 30 day stay. For more, see Defrauded woman fights to stay in house she didn't intend to sell.

Go here for other posts on foreclosure rescue operator Charles Head.

For more on equity stripping scams, generally, see DREAMS FORECLOSED: The Rampant Theft of Americans' Homes Through Equity-stripping Foreclosure 'Rescue' Scams (4.61 MB approx.).