California Real Estate Fraud Report

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26
Nov

Mortgage Rescue Scam Costs Fresno Couple Their Home

A mortgage rescue scam has cost a couple their dream home in Fresno.

Patty and Jody Farmer lived in their dream home in the Central Valley for approximately 11 years along with their grandchildren. When their adjustable rate mortgage was going to be reset in 2008, making the payments unaffordable for the mostly-retired couple, they turned to US Loan Auditors, Inc. which had sent a solicitation letter to them. US Loan Auditors, Inc., which according to the California State Attorney General’s Office, finds its clients through direct mailing, told the Farmers that they could conduct a “forensic loan audit” of their mortgage to find possible “mortgage violations” committed by the lender. This information would then be used to (somehow) convince the lender to offer the Farmers a loan modification. US Loan Auditors, Inc. told the Farmers to stop making their mortgage payments, which triggered a Notice of Default (NOD) from the lender. In the meantime, US Loan Auditors, Inc. charged the Farmers $1,000 a month for seven months and its representative told them the company attorney would take their case to court against the lender for the 10 violations it found.

The California State Attorney General’s Office has filed a $60 million lawsuit against US Loan Auditors, Inc. on October 6 according to the Fresno Bee, seeking restitution for all of its victims, including now, the Farmers, whose home was foreclosed. There is also a Better Business Bureau Report that gives them an F rating (their worst possible rating) but refers to them as US Loan Auditors LLC.

Read the full article in the Fresno Bee.

© 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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