California Real Estate Fraud Report

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26
Nov

No Loan Modifications or Refunds for Investors Finance Inc. Customers

William Becerra and Heather Molinari are two distressed homeowners who would not recommend Investors Finance, Inc. Both paid the Rancho Bernardo-based company upwards of $1,400 to help them restructure their loan payments. They also say they got no help from the firm or its owner Michael Monaco and neither got a refund when they requested it.

Monaco, who, according to an article in the San Diego Union Tribune, has been sued at least six times (lost two cases, settled two, two are pending), was ordered by the California Department of Real Estate (DRE) in August to stop taking upfront payments. According to the article, Michael Monaco states he has restructured Investors Finance, Inc. with a plan to get the borrowers to sign over their homes to him, which he will then lease back to them at a lower payment. Sounds scary! Company files from a former sales agent do not show any completed loan modifications.

Read this link with the San Diego Union Tribune for a summary of the six lawsuits against Michael Monaco.

© 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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