Borrower Facing Foreclosure Hires Man to Burn House Down

September 14, 2010 No Comments »

fire

A North Carolina man facing foreclosure reportedly hired another man to burn down his house, according to WXII, a Winston-Salem-based news outlet.

Davidson County Sheriff David Grice said homeowner Gregory Ringley, 48, hired David Hill, 40, of Coeburn, Virginia, to start the fire.

The home was actually burnt down on August 16 – and a subsequent investigation found that a flammable liquid was used to start the fire.

Ringley was not only looking to avoid foreclosure, but also interested in collecting insurance money.

He was charged with conspiracy to commit arson and conspiracy to commit insurance fraud, while his mother, who drove Hill to the home to set the fire, faces charges of conspiracy to commit insurance fraud.

Both were being held on a $100,000 bond, while Hill was charged with second-degree arson and held on a $5,000 bond.

This incident is just one of many odd attempts to avoid foreclosure since the mortgage crisis got underway.

There was the guy who simulated robbery to pay the mortgage, and the other guy who tried to blow up the bank holding his mortgage.

Not to mention the guy who bulldozed his own home after his bank began foreclosure proceedings.

Back in early 2008, the Insurance Information Network of California actually warned homeowners not to resort to arson if facing foreclosure.

Sign of the times…

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