California Real Estate Fraud Report

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04
Oct

Alan David Tikal Arrested, Charged with Operating “Mortgage Rescue” Fraud

A man from Brentwood in Contra Costa County is in big trouble after coming to the attention of the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and United States Attorney for the Eastern District of California Benjamin B. Wagner.

Alan David Tikal has been arrested and charged with operating a multi-state mortgage rescue fraud that homeowners in distress to the tune of $3.1 million. Tikal’s alleged unique con was that he convinced the homeowners – for a fee of course – that he could convince lenders to settle for a fraction of the mortgage debt and replace it with new mortgage debt to his company, KATN Trust, at 25 cents on the dollar. Amazingly, more than 1,000 homeowners fell for this ploy and most lost their homes to foreclosure proceedings.

Christy Romero, Special Inspector General at SIGTARP stated: “As alleged, Tikal’s operation duped victims with false claims of drastically lowering their mortgage debt in exchange for advance fees. As a result of his alleged deceit, homeowners’ financial condition worsened, and for some, the opportunity to participate in legitimate loan modification programs such as the government-sponsored Home Affordable Modification Program (HAMP) was lost. SIGTARP will continue to work aggressively with our law enforcement partners to stamp out this type of abuse.”

Read the original article in National Mortgage Professional. You can also read the press release of the Department of Justice, Eastern District of California, Office of United States Attorney Benjamin Wagner.

You can also read previous articles about Alan David Tikal on the California Real Estate Fraud Report by searching for his name on the left side of the blog.

 

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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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