Pair Faces Grand Theft Charges For Allegedly Selling Property In Foreclosure To Victim (Who Presumably Failed To Get A Title Insurance Policy) On Deferred Payment Plan, Pocketing $30K In Periodic Installments While Continuing To Stiff Bank Out Of Mortgage Payments

In Townsend Township, Ohio, The News-Messenger reports:

• Two brothers accused of bilking a Castalia man out of $30,000 face felony charges of grand theft following a grand jury indictment in August, court records show.
  
  Daniel Keegan, 45, of Castalia, and David Keegan, 47, of Sandusky, could face up to 18 months in jail after a Castalia man said he entered into an agreement to purchase real estate at 7349 E. Ohio 101 only to find out the brothers did not own the land and allegedly were not making mortgage payments to the bank.
  
  The Keegans were booked into the Sandusky County Jail and released on their own recognizance.
  
  Sandusky County Prosecutor Tom Stierwalt said the indictment covers $30,000 paid for the property before it was foreclosed on in October 2013.
  
  The indictment says the Keegans did not use the funds Brake gave them to pay the mortgage from Citizens Bank between May 2013 and December 2014.
  
  After renting the property under the impression the brothers owned the land, Jason Brake asked if he could buy the home for the listed $125,000 if he gave them a $10,000 downpayment.
  
  “They told me they owned it. I assumed it was paid free and clear,” Brake said.
  
  After paying the $10,000, Brake said he and the Keegan brothers signed a contract for the purchase of the property whereby Brake would pay the remaining balance in monthly installments of $1,000.
  
  Brake said the contract to buy the property also included two mobile homes.
  
  Brake said he has two options for the property, where he still wants to live.
  
  “It is going up for sheriff’s auction and I can bid on it and buy it for a third time, or someone can bid more than $50,000 and I can get that money and use it to pay off all the people I have borrowed from,” Brake said.

Source: Grand jury indicts brothers on grand theft charges. land contract for deed