Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Tuesday, July 17, 2012
Trio Bagged For Allegedly Duping Dying 81-Year Old Into $50K Refinance Ripoff That Led To Her Loss Of Home To Foreclosure
In Cleveland, Ohio, NewsChannel 5 reports:
Eighty-one year old Evelyn Chudzinski only owed $14,000 on her Cleveland home, but Cuyahoga County Prosecutors have charged three suspects with tapping into her home equity, and playing a role in the loss of her property.
Richard While Jr., Sharon Stucco, and Gary Thomas appeared in Cuyahoga County court to face multiple felony counts of identity fraud. Assistant Prosecutor Frankie Goldberg told NewsChannel5 exclusively that While was the leader of the alleged plot.
Goldberg said the trio of suspects befriended Chudzinski in May 2008, allegedly telling her they needed her personal information to help her refinance her Finn Avenue home.
"They received $50,000, Chudzinski had no idea what she was signing," said Goldberg. "They refinanced the home she was living in for 20 years, and used her identity to allegedly buy an investment property on Dakota Avenue."
Chudzinski later her lost her home to foreclosure, and months later passed away, before charges where brought against the suspects. While, Stucco and Thomas all pleaded not guilty, the case has been assigned to Judge Eileen T. Gallagher, and is set to start on July 17.
Meanwhile, Prosecutor Goldberg praised the Ohio Legislature with recently increasing the statute of limitations on crimes against the elderly to five years. "People need to be accountable for these crimes, they are absolutely egregious, they're despicable, and we really need to send a message, we need to be vigilant in protecting our senior population," said Goldberg.
If convicted, While could be sentenced to up to 21 years in jail, Stucco 15 years and Thomas 3 years.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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