California Real Estate Fraud Report

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23
Oct

“Trust Me, I’m Latino” Results in Mortgage Fraud

Two Milpitas mortgage brokers who used telemarketing to find and prey on fellow Latinos have been convicted of multiple counts of grand theft and forgery in a subprime mortgage scheme that amounted to $10 million.

Esperanza Valverde, 41, and Herman Covarrubias, 40, of Summit Mortgage One were accused of telling homeowners they qualified for low-interest refinance loans. However, they failed to disclose the amount of the commissions they charge (3-5 percent!), did not explain to the borrowers that the fixed rate interest was for 2 years only, and did not give borrowers copies of the loan documents until after the loans had closed, according to Santa Clara County Deputy District Attorney Yen Dang.

Read the Full Article in The Silicon Valley Mercury News.

© 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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