California Real Estate Fraud Report

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29
Sep

Safe Haven in Pico Rivera accused of loan modification fraud

In a story oft-repeated in the California Real Estate Fraud Report, a Pico Rivera-area firm is being investigated for loan modification fraud after targeting distressed homeowners for home modification loans and requiring upfront consulting fees.

Your Dreams Come True Inc., also known as Safe Haven and Proteccion Familiar, is being investigated for both rental fraud and home modification fraud. One of its employees, Frank Candelaria, 47, was arrested for theft when he allegedly took an advance fee. His boss, executive Director Alex Jurado, claims that Safe Haven is understaffed, which was why it was behind working on customers’ loan modifications.

To show how much of a problem home loan modification is, in 2007, the California State Attorney General’s Office took 27 complaints against real estate agents and brokers, loan modifications firms, foreclosure consultants and attorneys who had jumped into the easy-money loan modification business. So far in 2009, there are over 2,000 complaints.

To put a stop to loan modification fraud, the Attorney General’s office has required all foreclosure consultants to register with its office and post a $100,000 bond since last July 1. According to a spokesman for the Attorney General’s Office, few of the loan modification firms have posted the bond. And attorneys, who have either started doing loan modifications themselves or renting out their names to foreclosure consultants, are now the target of complaints – up to 250 of them currently. At least four of them have resigned from the Bar after facing disciplinary hearings: Mitchell Roth, Christian Dillon, Nabile Anz and Cameron Edwards.

Read the Full Article in the Whittier Daily News. This article has also been posted to Examiner.com by the L.A. Fraud Examiner.

© 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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