Rhode Island Foreclosure House Stripping, Equity Stripping In The Same Story

In North Kingstown, Rhode Island, The Providence Journal reports the story of a subprime mortgage loan originator who lost his home in foreclosure. When the foreclosing lender took possession of the property, they found the home was stripped out of a variety of items typically found in and around a home.(1)

A possible contributing factor to the loan originator's financial problems: he was arrested(2) and charged in an alleged sale-buyback, foreclosure rescue scam:

• At the time of DeBarros’ arrest, he was working as a mortgage originator when a Swansea homeowner called his company seeking help in refinancing her house to avoid foreclosure. Instead, DeBarros arranged for the house to be deeded to somebody else, according to court documents. A lawyer representing DeBarros argued that the homeowner received more than $13,000 and an option to buy back the property, so she “got exactly what she contracted for.”

• DeBarros faces charges on two felony counts: larceny of over $250 by false pretense and solicitation to commit a felony. The judge scheduled the case for a jury trial on Sept. 18.

For more, see Where’s the kitchen!

Go here for other posts on pre-foreclosure fixture stripping.

(1) According to the story, sprinkler heads on the front lawn were snipped off; the heater for the in-ground swimming pool was missing; the shiny black countertops, wood cabinets, built-in double oven and decorative hanging lights were all gone; French doors had been torn from their hinges; a toilet and vanity in the downstairs bathroom were gone; air conditioner condensers had been ripped out; and the water, sewer and gas lines had been cut, leaving the pipes open and unsafe.

(2) According to the story, North Kingstown police had a warrant to arrest him on a “fugitive from justice” charge in connection with an alleged mortgage fraud scheme in Swansea, Mass. foreclosure fixture stripping apple