Beckley, Bluefield & Lewisburg News, Weather, SportsTazewell County Woman Pleads Guilty to Mortgage Fraud

Tazewell County Woman Pleads Guilty to Mortgage Fraud

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By Valerie Sullivan - email

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ROCKY GAP, Va. -
A Tazewell County woman pleads guilty to mortgage fraud.
 
Janet Damewood, 60, of Rocky Gap admitted to applying for a second mortgage from CitiFinancial, Inc in February 2007.
 
The mortgage was for a home she owned in Princeton.
 
Damewood said when she applied for the mortgage, the Internal Revenue Service had filed a $256,000 Federal Tax Lien at the Mercer County Courthouse against the property.   The IRS claimed Damewood had failed to pay back taxes.
 
Damewood admitted she did not tell CitiFinancial about the tax lien, which was later discovered by CitiFinancial during the underwriting process.
 
Damewood also admitted to creating a false document she said was a release from the tax lien.   She later provided the false document to CitiFinancial as proof the lien had been released.  
 
Based on her false representations, CitiFinancial funded a $37,000 loan to Damewood.
 
The home sold at foreclosure in May 2010 for far less than the value of the first mortgage and the Federal Tax Lien.  As a result, CitiFinancial ultimately lost the full amount of the $37,000 mortgage.
 
Damewood faces up to 20 years in prison and a $250,000 fine when she is sentenced on June 14, 2012.