California Real Estate Fraud Report

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21
Jan

Mortgage Fraud Costs Sacramento Family Their Home

Elder fraud may have been committed against Elias Ayoub, 74, who owned a Sacramento-area home for about thirty years and raised his family there. Robert Yang, aka John Chu, is a financial consultant who was arrested for placing the name of a “straw buyer” on the title to Ayoub’s home (wouldn’t that be title fraud). Yang had originally recommended that in order for the Ayoub, who had poor credit, to obtain a loan against his home, title should have been changed into the name of Ayoub’s son. In addition, the lender, Nationstar Mortgage LLC, suffered a loss of $347,000, according to court documents.

Read the Full Article in the Sacramento Bee.

This entry was posted on Wednesday, January 21st, 2009 at 1:50 pm and is filed under Elder Financial Fraud, Loan Fraud, Mortgage Fraud, Real Estate Crimes, Real Estate Fraud, Title Fraud. Responses are currently closed, but you can trackback from your own site.

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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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