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Local News

Local Real Estate Agent Charged With Mortgage Fraud

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By Lindsay Hood

Story Published: Feb 22, 2012 at 11:58 AM PDT

Story Updated: Feb 22, 2012 at 11:58 AM PDT

A local well-known real estate agent and his wife are facing federal charges for mortgage fraud.

Eric Elegado and his wife, Charmagne, and seven others, are accused of committing mortgage fraud on home sales the couple made between 2002 and 2007.

According to the indictment, the mortgages were processed by Mrs. Elegado who worked for a sub-prime mortgage lender during that time period.

In court Tuesday, a prosecutor from the U.S. Attorney's office accused the Elegados and their associates of targeting low-income families and helping them falsify documents so those families could qualify for loans.

An attorney for the couple disputes those claims.

"The prosecution has claimed there are phony applications," said the Elegado's attorney Paul Pfingst. "We have no reason to believe that at this point."

In total, they closed on more than 100 loans.    

Our media partner KGTV has learned almost all of those loans have defaulted or the homes have been foreclosed on.
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