A Florida Mortgage Scheme Comes to Light

A man who claimed he could help solve the problems of a couple who wanted to sell their Port St. Lucie home may have been trying to do anything but.

Larry Eugene Smith allegedly swindled Nancy and George Krueger out of their house in Port St. Lucie, claiming he bought the property for $10.

TCPalm.com reports that St. Lucie County sheriff’s deputies arrested Smith Tuesday at the home he moved into with his girlfriend.

They moved in after he persuaded the Kruegers to sign a purchase agreement for their home and power of attorney and warranty deed over to him in order for him to sell the house. Smith was charged with first-degree grand theft.

Sheriff Ken Mascara said Friday he believes Smith may have attempted the same scam with many other St. Lucie County mortgage holders.

Even Mascara himself, who has a home for sale, was targeted. He said he actually got a letter from Smith in July, and hadn’t yet followed up.

The sheriff’s office is still investigating a case of suspicious home loan activity involving Smith and another couple, said Detective Angela Flowers.

Smith, a licensed real estate and Florida mortgage broker, reportedly sent the Kruegers a letter stating he worked for All Florida Mortgage Centers Inc.

He said he wanted to help sell their home, which they wanted to sell, as they were looking to relocate because of rises in taxes and insurance.

After receiving the letter, the Florida mortgage holders met with Smith and decided to allow him help sell their home.

Follow the link to continue on to TCPalm.com and keep reading about this shocking Florida home loan scam …