California Real Estate Fraud Report

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23
Dec

California Foreclosure “Assistance” Firm Targeted by AG

Three foreclosure firms, one based in California, have been sued by Illinois Attorney General Lisa Madigan for violating the Illinois Mortgage Rescue Fraud Act and the Consumer Fraud and Deceptive Business Practices Act. Since they were implemented, Madigan has sued eleven such businesses for prohibited practices, such as charging upfront fees and failing to fully disclose exactly what the homeowner was receiving for said fees. Says Madigan:

“The last thing desperate homeowners on the verge of losing their homes need is a so-called ‘mortgage rescue firm’ that does little more than separate homeowners from their money,” Madigan said. “A home is a consumer’s most valuable asset. In the current tumultuous mortgage climate, these firms must realize that they cannot further victimize Illinois homeowners with these catch-all universal mortgage ‘rescue’ packages.”

According to the California Secretary of State’s business portal, Upland-based Lender’s Foreclosure Relief, Inc. was opened in Febuary 2007; its agent of service is Jon Thomas. It has no public website and no online references other than two articles relating to AG Madigan’s lawsuit. Without straining too hard, I would venture that this firm was opened following Mr. Thomas enrolling in one of the myriad of foreclosure bootcamps being offered in Southern California. In less than a year, Lender’s Foreclosure Relief is facing a cease-and-desist order regarding its deceptive business practices, an order to pay restitution to the homeowners Madigan says it defrauded, and civil fines of $50,000 plus $50,000 for each act of fraud. Ouuuch!

To date, Madigan has collected $900 million dollars from lenders engaged in fraudulent activites in Illinois and has subpoenaed Calabasas-based CountryWide Home Lending regarding its lending practices. I have no doubt that if California’s AG Jerry Brown is as aggressive as Lisa Madigan in my home state, he will make a large dent in the State deficit.

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© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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