California Real Estate Fraud Report

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Stanislaus County Sees Mortgage Elimination Scams

The latest real estate fraud that authorities are seeing are mortgage elimination scams.

Glenn Gulley, an investigator with the Stanislaus County District Attorney’s Office, says that con artists are targeting Latinos whose homes are in foreclosure. The victims pay a processing fee of $1,000 to $3,000 and are told they can get a new mortgage for 25% of what their current mortgage is. The criminals file a new conveyance, claiming that the loan has been paid off. Of course, the legal lender continues with its foreclosure proceedings and the borrower loses his or her home along with the fees.

Kurt F. Johnson and Dale Scott Heineman ran their mortgage elimination scams through the Dorean Group and were sentenced three years ago to prison terms of 25 years and 21 years for stealing from 3,500 victims across 35 states.

Last month, a federal grand jury in Los Angeles indicted Henrik and Hamlet Sardariani on charges they filed fraudulent reconveyances. If convicted, the brothers coud receive sentences of 115 years in prison.

Read the full article in the Modesto Bee.

© Copyright 2007-2018 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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