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MORTGAGE SCHEME UNCOVERED (BEDFORD COUNTY, TN)
The Shelbyville Times-Gazette ^
| 5 May 2004
| David Melson
Posted on 05/05/2004 2:43:52 PM PDT by MeneMeneTekelUpharsin
Homes of several Atlanta-area residents were unexpectedly mortgaged by a Bedford County man being sought by Georgia authorities, investigators revealed today. David Glenn Helton, 56, falsely claiming power of attorney, obtained mortgages on homes and land under at least 12 different names without the awareness of the property owners, said Detective Sgt. Sam Bragg of the Bedford County Sheriff's Department.
Helton is at large and was last known to be in the Knoxville area over the weekend, authorities said. The owners were unaware their properties had been mortgaged until foreclosure notices were received after Helton failed to make payments, said Bragg. Officials emphasized no victims were believed to be from Bedford County. Helton had lived at a Cortner Hollow Road home from December until last week with a woman authorities say is his ex-wife.
TOPICS: News/Current Events
KEYWORDS: bedfordcounty; mortgage; scammer; scheme; tn
Oh man. How would someone find out if this had been done? I guess the only way is when the banks try to foreclose. Uh oh. The banks will see to it that this man is hunted down. He would do well to turn himself in.
To: MeneMeneTekelUpharsin
Had a client once whose
lender defaulted.
Took a threatened suit to remove the lien already placed on the client's house.
2
posted on
05/05/2004 2:49:04 PM PDT
by
martin_fierro
(Chat is my milieu)
To: MeneMeneTekelUpharsin
There is an Atlanta attorney who is going to have a whole lota splaining to do to the Feds.
3
posted on
05/05/2004 2:53:32 PM PDT
by
Rebelbase
To: MeneMeneTekelUpharsin
I assume the mortgage lender carries the can for this -- serves it right for not checking the POA.
4
posted on
05/05/2004 3:00:53 PM PDT
by
expatpat
To: expatpat
Aren't title companies responsible for noting this sort of stuff?
5
posted on
05/05/2004 3:03:33 PM PDT
by
MHGinTN
(If you can read this, you've had life support from someone. Promote life support for others.)
To: MHGinTN
Title companies are responsible for establishing who actually holds title to the property. If a lender then proceeds to hand over a pile of money to someone who DOESN'T hold title to the property, and who doesn't hold a valid power of attorney for the property owner, that isn't the title company's fault. The mortgage lenders screwed up big-time by accepting an unverified claim of power of attorney. The lenders will have to swallow these losses, as well they ought to.
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