California Real Estate Fraud Report

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29
Mar

Two San Jose Men Plead Guilty to Loan Modification Fraud

In a plea deal with the Santa Clara County District Attorney’s Office, two San Jose men have admitted defrauding 400 homeowners by operating a loan modification scam business.

M&R Contemporary Solutions was located in Campbell and co-owned by Rene Alvarez, 41, and Mariano Ortega, 37, co-owners of  in Campbell.

Preying primarily on Latino homeowners having trouble paying their mortgages, Alvarez and Ortega charged advance fees of $3,000 to $10,000 and billed their service as a “principal reduction” program. Their scheme was to have a third party purchase the borrowers’ homes at steep discounts, then re-sell it back to the borrower at a discount.

Cydney Sanchez, the owner of West Coast Mortgage and Horizon Property Holdings of Beverly Hills, was supposed to supply the loan money. She is still awaiting trial but apparently has more troubles, as the Securities and Exchange Commission (SEC) has filed a civil complaint against her and Horizon Property Holdings.

Read the original 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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