California Real Estate Fraud Report

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08
Mar

20-Something Men Charged with Loan Modification Fraud

Five men have been arrested and charged with loan modification fraud for demanding upfront fees (illegal in California since 2009) for helping property owners trying to avoid foreclosure.

The defendants were investigated by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIG-TARP),  the Orange County Sheriff’s Department, Huntington Beach Police Department, the California Department of Real Estate and other local policing agencies.

After their arrests this week, the men were charged with at least seven counts of felony grand theft and various other charges including conspiracy to commit forgery and money laundering.

Jacob J. Cunningham, 24, of Irvine; Justin D. Koelle, 23, of Costa Mesa; Andrew M. Phalen, 25, of Mission Viejo; Dominic A. Nolan, 30, of Irvine; and John D. Silva, 27, of Irvine are now facing multiple counts of conspiracy to commit forgery and money laundering.

The businesses they operated to commit their alleged loan modification scams were CSFA Home Solutions, Mortgage Solution Specialists, Inc., CS & Associates and National Mortgage Relieve Center. If prosecutors are right, Cunningham, Nolan and Silva operated an addition scam in which they forged the logos from major lenders and sent out “conditional approval” letters to their victims.

Read the original article in The Republic and the Orange County Breeze.

© 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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