Alleged Equity Stripping, Refinancing Scam Has California Real Estate Agent Facing Grand Theft, Forgery Charges As Victim Loses Home In Foreclosure

In Contra Costa County, California, the Contra Costa Times reports:

• Elias Escobedo, 41, lost his house earlier this month when it was foreclosed on, but not because he didn't pay his mortgage. Instead, he's the victim of a real estate agent who is accused of forging the deed to his home and embezzling $40,000 in a scheme to raise his credit score and pay his monthly mortgage payments, according to the Contra Costa County District Attorney's office.

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• His agent was the same real estate agent that sold the home to Escobedo in 2004. Escobedo said that Bullard told him his credit was bad and he could come up with a way to clean it up and invest the money, he said. Using a straw buyer to hold the property, or someone paid to park the deed, they would refinance the home, take money out and pay the mortgage.

• The agent, Rodney Alonzo Bullard, has been charged with grand theft and two felony counts of forgery by the Contra Costa County district attorney's office.

For more, see Suffering From Foreclosure Scams.