AZ R/E Agent Admits Forgery On Subordination Agreement Making Seller-Held Note Junior To New Financing; Both Loans Now In Default

From the Office of the Arizona Attorney General:

• Attorney General Terry Goddard [last week] announced that former real estate agent Roy Keith Fife, 47, of Tucson, pleaded guilty to fraud and forgery charges at a hearing in Pima County Superior Court [...].

• At the hearing, Fife admitted forging the signature of a client for whom he served as a residential real estate sales agent. Fife forged the signature on loan documents to facilitate the sale of the client’s property. Through this sale, Fife obtained a commission of more than $100,000.

• As a result of Fife’s forgery, his client’s carryback loan was made junior to a million-dollar equity loan taken out by the buyers. The seller specifically required in the sales contract that his carryback would be in first position. The buyers of the property have since defaulted on both loans.

For the press release, see Tucson Real Estate Agent Pleads Guilty to Fraud, Forgery.

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