Foreclosure Fraud Leads To Death

Just when you think things can’t get any more strange in real estate, they do. Hydra Lacy, a sketchy real estate investor and registered sex offender was shot and killed in a raid of his home.

Lacy had an interesting real estate approach. He would buy homes in danger of foreclosure for several thousands more than they were worth, and rent them out, sometimes to the former owner. He purchased just under a dozen homes with prices ranging from $115,000 to $135,000, however many of these homes were worth far less. For example, one individual defaulted on two houses that she purchased in 2005, one for $97,400, the other for $95,900. Yet within three months of getting foreclosure notices, she sold both houses to Lacy for $145,000 each.

As you can imagine, it wasn’t long before Lacy and his wife Christine Mary Jewell Pitts were in default on six of their houses.

Lacy faced legal trouble as well, and was sought after by police for skipping out on a court trial for domestic violence and violation of a no contact order. The one home that was not in financial trouble was the same home police leveled during their raid by use of hydraulic arms and a front loader to bash in the attic.

Sadly, this was the home of Lacy’s estranged wife, who was also allegedly the victim of his abuse. She now has no place to live, and the city of St. Petersburg is offering no apologies. They state they aren’t responsible for damage caused by police action, and city officials have suggested Pitts file a claim with her insurance agency.

Get the full story at Aol Real Estate.