Refinancing Scam Lands Trio In Jail; Leaves Elderly Woman Facing Foreclosure

In Denver, Colorado, the Rocky Mountain News reports:

• Denver District Attorney Mitch Morrissey has charged three men accused of stealing thousands of dollars in a mortgage scam from an elderly woman who is now facing foreclosure. The charges were filed last week; the defendants surrendered and were booked Monday and released on $50,000 bonds. The three charged are Scott Steven Richardson, Thomas Sarantinos and Anthony Sarantinos. Each has been charged with theft from an at-risk adult. Richardson, through his company, Northglenn-based Absolute Lending Solutions, offered to refinance the woman's home to help lower her monthly payment, according to the district attorney's office. Instead, Richardson allegedly refinanced the home to take out nearly $30,000 that he and the Sarantinoses split.

Source: Three face charges in mortgage scam.

See also, The Denver Post: Trio scams at-risk adult, DA says (no longer available online):

• The charges against the trio allege that Richardson added Anthony Sarantinos to the property title and refinanced the home, taking out about $30,000 in cash that was split among the suspects. Prosecutors also suspect Richardson of giving phony mortgage payment coupons to the victim, who was making monthly payments to Absolute Lending Solutions. The payments didn't go toward paying off the home, however, and the victim now owes nearly twice as much on her mortgage. She faces monthly payments nearly double her original loan and is facing foreclosure.

See also, CBS4, Denver: DA: Grandmother Hit By Mortgage Scam (read story) (watch video).

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