Servicing/Default
Foreclosure Rage Equals Jail Time for Mortgage Broker
By PAUL JACKSON
June 27, 2008 9:33 AM CST
A former Mercer County, Penn.-based mortgage broker, 40-year old Scott McCuskey, decided to gut his $1.2 million property right before the Sheriff’s foreclosure sale on the courthouse steps — unfortunately, not an altogether rare occurrence for those who have spent any time working in default management.
Earlier this week, a judge sentenced him to three to 15 months in jail, and he also must pay more than $174,000 to the insurance company taking the loss because of his so-called “foreclosure rage.”
The Pocono Record reported June 25 that McCuskey stripped cabinets, toilets, a Jacuzzi, locks, garage doors and other items, reducing the value of his home to $180,000.
McCuskey apparently attempted to argue that “he didn’t know he couldn’t take the items,” the Pocono Record said. He defaulted on the mortgage back in 2004.
Below, a video look at foreclosure rage:
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