California Real Estate Fraud Report

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06
Apr

Alleged Pakistani Loan Modification Fraud May Never Be Prosecuted

Saman Hasnain and her husband Jawad Hasnain, who have been charged with grand theft in connection with a multi-million dollar loan modification scam, may never face justice.

According to Santa Clara District Attorney’s Office prosecutor Victor Chen, the Jawads have fled the $2.2 million house house they own in Almaden Hills to Pakistan in order to evade prosecution for allegedly ripping off dozens of homeowners. Pakistan does not have an extradition treaty with the United States.

According to prosecutor Chen, the Hasnain’s targeted homeowners by placing flyers in “ethnic” grocery stores. The attractive, perfectly-dressed Saman Hasnain had no trouble convincing people to part with $4,500 or more each to negotiate non-existent loan modifications with banks between 2008 and 2010.

Korina Diaz and her husband were among the victims duped by the Hasnains. Although not in default, they were concerned that the husband’s construction business might slow down in the economic crisis and that they would be unable to pay the mortgage on their $1 million ranch. Mrs. Diaz said that the Hasnains charged her and her husband $11,500 to reduce her monthly mortgage payments. But as a result of the alleged loan modification fraud, they eventually lost the ranch to foreclosure.

Although charged in 17 cases, prosecutors say Saman Hasnain and  Jawad Hasnain may have as many as 100 victims.

Read the original article in the Monterey Herald.

© 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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