California Real Estate Fraud Report

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26
Aug

Spanish-Language Business Investigated for Loan Modification Fraud

A business in the Stockton area run by a woman who lost her real estate license, yet continued to act as a licensed agent, is now the focus of an investigation by the San Joaquin County District Attorney’s Office.

The California Department of Real Estate (DRE) revoked the license of Magdalena Salas, aka Maggie Salas, in 2004. In 2010, the DRE ordered her to “desist and refrain. By then Salas was running several businesses, including Legacy Home Loans & Real Estate, Peace and Freedom Legal Services and Divinity Real Estate. District Attorney investigators say that Salas advertised free loan modification services on Spanish-language television, radio and billboards (affinity fraud, ethnic fraud). But when clients came in, she allegedly extracted large sums of advance fees to stop their foreclosures and help them obtain loan modifications (loan modification fraud, loan modification scams).

It has been illegal since 2009 in California to charge advance fees to perform loan modification services.

Read the original article in the Stockton Record.

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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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