California Real Estate Fraud Report

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07
Jan

Loan Modification Fraud Often Led by Mortgage Brokers

Curtis Melone, CEO of PacWest Funding restructured his company from a mortgage brokerage into a loan modification firm called Green Credit Solutions in late 2007 after watching many of his competitors go out of business.

Now Melone is facing another crisis: Green Credit Solutions is at the top of the list of loan modification firms that are the subject of investigations for loan modification scams / loan modification fraud according to the California Attorney General’s Office. At the time they were raided just two years in business, Green Credit Solutions had 6,400 loan modification files. Customers paid $3,000 or more for loan modifications that never happened according to the numerous complaints in Ripoff Report and other consumer resources. The California Department of Real Estate (DRE) also investigated the company, resulting in Curtis Melone and others working for him to surrender their real estate licenses.

Synergy Financial Management of Fountain Valley in Southern California was also a big player in what regulators say was loan modification fraud: it charged 1,400 clients upwards of $5,500 each for loan modifications but apparently did little work to help them. Synergy is the target of investigations by the California Corporations Commissioner .

Read the full article in the Mercury News.

© 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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