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BrokerCA
2353 Posts |
 Posted - 06/28/2008 : 12:23:44 PM
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A former Mercer County mortgage broker who gutted his $1.2 million home before a sheriff's sale has been sentenced to three to 15 months in jail and must pay more than $174,000 to an insurance company.
Authorities say 40-year-old Scott McCuskey, of Sharpsville, stripped cabinets, toilets, a Jacuzzi, locks, garage doors and other items. He was convicted of defrauding creditors and fraud in insolvency in April.
McCuskey unsuccessfully argued to Mercer Judge Thomas Dobson on Tuesday that he didn't know he couldn't take the items. His home was collateral on a loan he defaulted on in 2004.
Dobson, noting McCuskey worked as a mortgage broker, didn't accept the argument.
http://www.azstarnet.com/sn/mailstory-clickthru/245440.php |
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Managing Prime
2396 Posts |
Posted - 06/28/2008 : 12:37:58 PM
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| Good. What a retarded argument. |
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Scrooge McDuck
7564 Posts |
Posted - 06/28/2008 : 12:43:56 PM
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i would have eargued that i had been selling all that stuff along the way to try to make ends meet, but in the end, it wasnt enough. i would make it clear that it wasnt a last ditch scam.
search craigslist right now, all that stuff he stole is there in multiples. i mean, jacuzzis, stainless, cabinets, carpeting, everything. |
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hpmfinancial
1451 Posts |
Posted - 06/28/2008 : 12:48:38 PM
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| These jerks deserve to go to prison. |
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cincyloanguy
125 Posts |
Posted - 06/28/2008 : 3:07:47 PM
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| technically he owned the house until sale date so the bank shouldnt have a case. hpm if you decided to sell a cabinet in your house should you be able to? or is it the banks property until you pay it off? |
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genealle
968 Posts |
Posted - 06/28/2008 : 3:10:55 PM
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quote:
Originally posted by cincyloanguy
technically he owned the house until sale date so the bank shouldnt have a case. hpm if you decided to sell a cabinet in your house should you be able to? or is it the banks property until you pay it off?
Isn't there a clause where you agree to keep a property in livable & saleable condition? Gutting it appears to contradict that agreement. |
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KHufford
5327 Posts |
Posted - 06/28/2008 : 3:14:42 PM
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| You mean the thousands of full kitchen sets, fridges, washer, dryers, ect on Craigslist arent legit? |
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hpmfinancial
1451 Posts |
Posted - 06/28/2008 : 3:16:01 PM
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quote:
Originally posted by cincyloanguy
technically he owned the house until sale date so the bank shouldnt have a case. hpm if you decided to sell a cabinet in your house should you be able to? or is it the banks property until you pay it off?
He did not sell "a cabinet" he stripped the house. He had a mortgage on it the entire time and the mortgage was for all the real property. He detached real property and defrauded the bank. This is illegal that is why he is going to jail. |
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ritabradley01
2326 Posts |
Posted - 06/28/2008 : 5:15:54 PM
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quote:
Originally posted by cincyloanguy
technically he owned the house until sale date so the bank shouldnt have a case. hpm if you decided to sell a cabinet in your house should you be able to? or is it the banks property until you pay it off?
In California you own the house but it is collateral for the loan you have promised to repay.
The guy is a crook. He'll have lots of time to think about it when he's serving time. |
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slants
4257 Posts |
Posted - 06/28/2008 : 6:09:33 PM
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After the home was stripped, it was valued at $180,000  . |
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socalusa
262 Posts |
Posted - 06/28/2008 : 6:25:05 PM
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Deed of Trust has a clause that Trustor shall not commit waste or it shall be dealt with adequate punishment. I'm not sure if he had committed waste here, or an intentional damage to lower the value of secured assets. Either way, his actions bring shame to our professional image of Mortgage Brokers.
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katbunk
1574 Posts |
Posted - 06/28/2008 : 6:32:55 PM
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quote:
Originally posted by socalusa
Deed of Trust has a clause that Trustor shall not commit waste or it shall be dealt with adequate punishment. I'm not sure if he had committed waste here, or an intentional damage to lower the value of secured assets. Either way, his actions bring shame to our professional image of Mortgage Brokers.
Sure, that'll do it. |
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KHufford
5327 Posts |
Posted - 06/28/2008 : 6:38:34 PM
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quote:
Originally posted by katbunk
quote:
Originally posted by socalusa
Deed of Trust has a clause that Trustor shall not commit waste or it shall be dealt with adequate punishment. I'm not sure if he had committed waste here, or an intentional damage to lower the value of secured assets. Either way, his actions bring shame to our professional image of Mortgage Brokers.
Sure, that did it.
I like the comment from a reader:
9. Comment by A C. (Anfro) — June 25,2008 @ 4:47PM
Mortgage brokers = slimy used car salesmen
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financeone
1294 Posts |
Posted - 06/28/2008 : 7:34:17 PM
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| Maybe he thought it was "personal property"? |
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cornflkchk
82 Posts |
Posted - 06/28/2008 : 7:55:38 PM
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| If he is a broker he should definitely know the difference between personal and real property. That is real estate principles!!! I could see if it was some Joe Schmo but a real estate broker should know the difference. |
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hmorales007
95 Posts |
Posted - 06/28/2008 : 8:12:10 PM
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3 hots and a cot. "Bubba" is looking forward to a new wife.
quote:
Originally posted by BrokerCA
A former Mercer County mortgage broker who gutted his $1.2 million home before a sheriff's sale has been sentenced to three to 15 months in jail and must pay more than $174,000 to an insurance company.
Authorities say 40-year-old Scott McCuskey, of Sharpsville, stripped cabinets, toilets, a Jacuzzi, locks, garage doors and other items. He was convicted of defrauding creditors and fraud in insolvency in April.
McCuskey unsuccessfully argued to Mercer Judge Thomas Dobson on Tuesday that he didn't know he couldn't take the items. His home was collateral on a loan he defaulted on in 2004.
Dobson, noting McCuskey worked as a mortgage broker, didn't accept the argument.
http://www.azstarnet.com/sn/mailstory-clickthru/245440.php
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Scrooge McDuck
7564 Posts |
Posted - 06/28/2008 : 8:16:06 PM
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quote:
Originally posted by hmorales007
3 hots and a cot. "Bubba" is looking forward to a new wife.
quote:
Originally posted by BrokerCA
A former Mercer County mortgage broker who gutted his $1.2 million home before a sheriff's sale has been sentenced to three to 15 months in jail and must pay more than $174,000 to an insurance company.
Authorities say 40-year-old Scott McCuskey, of Sharpsville, stripped cabinets, toilets, a Jacuzzi, locks, garage doors and other items. He was convicted of defrauding creditors and fraud in insolvency in April.
McCuskey unsuccessfully argued to Mercer Judge Thomas Dobson on Tuesday that he didn't know he couldn't take the items. His home was collateral on a loan he defaulted on in 2004.
Dobson, noting McCuskey worked as a mortgage broker, didn't accept the argument.
http://www.azstarnet.com/sn/mailstory-clickthru/245440.php
let me guess...
hes really getting this punishment for the karma of writing a neg am mortgage.
hit or miss? |
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homebroker@sbcgl
2149 Posts |
Posted - 06/29/2008 : 07:15:03 AM
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| I hope this news does not get out, we look for stripped homes they are the best deals and money to be made on flipping them. We found a stripped home in Riverside CA, Comps in the high $300's we picked it up for mid $240,000, everything missings, even the light switches and canned lights. Regular buyers will never purchase a stripped home, first FHA will not loan on them and buyer don't want to fork out thousands of dollars of hard cash to improve them to livable condition. |
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hmorales007
95 Posts |
Posted - 06/29/2008 : 08:32:39 AM
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This is Karma for trying to screw over a lender was generous enough to extend him credit. It was not enough that he was defaulting on them - he had to take the time and effort to try to really screw them over. Removing the toilets and garage doors?
At least his jail cell will have a toilet. Part of his sentence should be to spend 8 hours cleaning toilets a day in the prison. Bubba's wife at night. 90 days straight and than let the prick go.
quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by hmorales007
3 hots and a cot. "Bubba" is looking forward to a new wife.
quote:
Originally posted by BrokerCA
A former Mercer County mortgage broker who gutted his $1.2 million home before a sheriff's sale has been sentenced to three to 15 months in jail and must pay more than $174,000 to an insurance company.
Authorities say 40-year-old Scott McCuskey, of Sharpsville, stripped cabinets, toilets, a Jacuzzi, locks, garage doors and other items. He was convicted of defrauding creditors and fraud in insolvency in April.
McCuskey unsuccessfully argued to Mercer Judge Thomas Dobson on Tuesday that he didn't know he couldn't take the items. His home was collateral on a loan he defaulted on in 2004.
Dobson, noting McCuskey worked as a mortgage broker, didn't accept the argument.
http://www.azstarnet.com/sn/mailstory-clickthru/245440.php
let me guess...
hes really getting this punishment for the karma of writing a neg am mortgage.
hit or miss?
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hpmfinancial
1451 Posts |
Posted - 06/29/2008 : 11:09:49 AM
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quote:
Originally posted by hmorales007
This is Karma for trying to screw over a lender was generous enough to extend him credit. It was not enough that he was defaulting on them - he had to take the time and effort to try to really screw them over. Removing the toilets and garage doors?
At least his jail cell will have a toilet. Part of his sentence should be to spend 8 hours cleaning toilets a day in the prison. Bubba's wife at night. 90 days straight and than let the prick go.
quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by hmorales007
3 hots and a cot. "Bubba" is looking forward to a new wife.
quote:
Originally posted by BrokerCA
A former Mercer County mortgage broker who gutted his $1.2 million home before a sheriff's sale has been sentenced to three to 15 months in jail and must pay more than $174,000 to an insurance company.
Authorities say 40-year-old Scott McCuskey, of Sharpsville, stripped cabinets, toilets, a Jacuzzi, locks, garage doors and other items. He was convicted of defrauding creditors and fraud in insolvency in April.
McCuskey unsuccessfully argued to Mercer Judge Thomas Dobson on Tuesday that he didn't know he couldn't take the items. His home was collateral on a loan he defaulted on in 2004.
Dobson, noting McCuskey worked as a mortgage broker, didn't accept the argument.
http://www.azstarnet.com/sn/mailstory-clickthru/245440.php
let me guess...
hes really getting this punishment for the karma of writing a neg am mortgage.
hit or miss?
Every post you make is about Karma. I would be willing to bet you have done a lot of bad things that nobody knows about. |
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Captain Mortgage
1429 Posts |
Posted - 06/29/2008 : 12:30:53 PM
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| A very similar incident happened in Ontario, Califonia. Owners were going into default and started selling the house off piece by piece. Their problem was the house was considered "historic" (extra tax breaks with that too) They're getting a huge lawsuit against them now. Selling off the antique doors, light fixtures, etc. |
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BrokerCA
2353 Posts |
Posted - 06/29/2008 : 2:14:41 PM
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| This would not have happened a few years ago. Desperate times for some people. |
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ritabradley01
2326 Posts |
Posted - 06/29/2008 : 2:19:20 PM
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quote:
Originally posted by homebroker@sbcglobal.net
I hope this news does not get out, we look for stripped homes they are the best deals and money to be made on flipping them. We found a stripped home in Riverside CA, Comps in the high $300's we picked it up for mid $240,000, everything missings, even the light switches and canned lights. Regular buyers will never purchase a stripped home, first FHA will not loan on them and buyer don't want to fork out thousands of dollars of hard cash to improve them to livable condition.
Smart Brian-if there's no structural damage to the homes, you're probably making a killing. |
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darkstar
16022 Posts |
Posted - 06/29/2008 : 2:20:15 PM
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quote:
Originally posted by BrokerCA
This would not have happened a few years ago. Desperate times for some people.
Like the people that left New Century with the customer database, they didn't get away with it either... |
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katbunk
1574 Posts |
Posted - 06/29/2008 : 3:35:17 PM
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quote:
Originally posted by Captain Mortgage
A very similar incident happened in Ontario, Califonia. Owners were going into default and started selling the house off piece by piece. Their problem was the house was considered "historic" (extra tax breaks with that too) They're getting a huge lawsuit against them now. Selling off the antique doors, light fixtures, etc.
I read about that!!! I was disgusted, because the property owner actually had a lower tax rate (or didn't pay R.E taxes, I can't remember) than other homeowners because she agreed to keep the property "as is" and not destroy or change the home. She should be prosecuted to the fullest. |
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808
1984 Posts |
Posted - 06/29/2008 : 5:12:14 PM
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quote:
Originally posted by BrokerCA
A former Mercer County mortgage broker who gutted his $1.2 million home before a sheriff's sale has been sentenced to three to 15 months in jail and must pay more than $174,000 to an insurance company.
Authorities say 40-year-old Scott McCuskey, of Sharpsville, stripped cabinets, toilets, a Jacuzzi, locks, garage doors and other items. He was convicted of defrauding creditors and fraud in insolvency in April.
McCuskey unsuccessfully argued to Mercer Judge Thomas Dobson on Tuesday that he didn't know he couldn't take the items. His home was collateral on a loan he defaulted on in 2004.
Dobson, noting McCuskey worked as a mortgage broker, didn't accept the argument.
http://www.azstarnet.com/sn/mailstory-clickthru/245440.php
he can audtion for 'America's Dumbest Mortgage Brokers' if a network ever decides to run a pilot episode |
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