Elderly Woman Falls Victim to Mortgage Broker’s Equity Skimming Scam

After trying to refinance her home, an elderly disabledwoman in Vancouver, Washington claims that a mortgage broker defrauded her outof her home through an equity skimming scam. 

Jeanine Wyman alleges that Sheldon Harmon had her executedocuments for a “reverse mortgage,” whereby Wyman would receive monthlypayments to cover the taxes and insurance on her home while she continued toown and live in the property.  Inreality, she executed a quit-claim deed that transferred the title to her homeover to Harmon.  Harmon used a homeequity credit line acquired from MacQuarie Mortgage USA to convert the equityin Wyman’s property to his own use.

Wyman is suing Harmon for equity skimming, a felony, andalso claims that similar transactions between Harmon and MacQuarie haveoccurred on at least five other houses. Harmon is currently serving time for felonies in connection with hisbusiness Lighthouse Financial Group.

See Nick McCann, Old Woman Says Felon Was Heartless, Courthouse News Service, Apr. 03, 2013.