California Real Estate Fraud Report

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29
Apr

Sacramento Owner of Foreclosure Rescue Company Convicted of Multiple Real Estate Fraud Charges

A Sacramento County jury has found 52-year-old Richard Henri Fecteau guilty of 23 felony real estate fraud charges involving grand theft, recording false documents and illegally acting as a foreclosure consultant, according to a Sacramento County District Attorney’s Office press release. The jury also found an enhancement for a white-collar crime.

Fecteau ran a foreclosure rescue company called Team Fecteau between 2011 and 2014 . Homeowners were told to deed their properties to a trust in which the co-trustees were Fecteau and people who had recently filed for bankruptcy. After an automatic stay against foreclosure on the property was granted under federal bankruptcy laws, Fecteau told the homeowners to make monthly payments to him and have no further contact with their lenders.

After most of his clients were foreclosed on, Fecteau and one of his employees filed phony mechanic’s liens against the properties in order to extract settlements by the lenders before they resold the homes.

 

 

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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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