Can't Steal A House? Think Again

Randall Pinkston Reports Stealing House Is Easier Than You Might Think

(CBS)  That's what authorities believe Richard Lenard, did with the Thomas home. Legal records show that Lenard's company purchased the house valued at $250,000 for only $25,000. He eventually took out a mortgage for more than $200,000. It was all done without the Thomas' knowledge.

Boland says it's not difficult to pull it off.

The FBI calls it equity skimming and says it's a national problem of growing concern. In Philadelphia alone, 36 stolen houses led to the convictions of 11 people.

"It's not only could it happen again, it's happening right this minute as you and I are speaking," says Philadelphia District Attorney Lynne Abraham.

Abraham is currently investigating a new case involving another 40 houses.

"The rightful owner can be waiting for years, and I do mean years, for restitution and may not get it at all," says Abraham.

It took Thomas more than two years to regain his house, and during that time the house was badly damaged by the unlawful tenants. Adding insult to injury, Lenard, the fraudulent owner, actually advertised and held two estate sales, exchanging a family's memories for money.

"If they didn't steal it, they sold it or they destroyed it - $100,000 worth of damage," says Thomas. "All my pictures gone; all mementoes gone; all my keepsakes, gone."

Lenard has been indicted on 38 counts and awaits trial in criminal court. Thomas got his mother's house back but has lost everything that made it a home.