California Real Estate Fraud Report

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28
Oct

4 Chatsworth residents charged in alleged $30 million mortgage relief fraud and short sale fraud scheme

The following people have been indicted in relation to an alleged mortgage relief fraud scam that brought in $30 million, according to a press release by the U.S. Attorney’s Office for the Central District of California.

Chatsworth residents Yun Soon Matsuba, aka Dorothy Matsuba, 65; Thomas Matsuba, 64; Jane Matsuba Garcia, 40;  Jamie Matsuba, 31; and Koreatown’s Young Park, 53, have each been charged with one count of conspiracy to commit wire fraud, make false statements and commit identity theft.

The indictment alleges, the defendants ran businesses from 2005-2014 called Ownership Management Service LLC and Trust Holding Service LLC.

While they claimed to help homeowners get out from underwater mortgages by performing short sales, the defendants allegedly required the homeowners to deed properties to trusts they controlled, failed to continue making mortgage payments and submitted fraudulent and false short-sale purchase offers to the banks instead of performing the promised short sales.

 

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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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