California Real Estate Fraud Report

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San Marcos Man Gets 5 Years for Loan Modification Scam

Glenn Michael Rosofsky, 44, has been sentenced to five years and three months in prison after pleading guilty to operating a loan modification scam. His partner, Michael Trap, had previously pleaded guilty.

In April 2009, long after there was publicity by authorities about loan modification fraud, Rosofsky and Trap opened a mortgage rescue business that operated under the names Nations Housing Modification Center and Federal Housing Modification Department, charging distressed homeowners from $2,500 to $3,000. They told the homeowners they had “forensic accountants” on staff but in truth there were none.

Glenn Rosofsky and Michael Trap were only in business for a few months before authorities caught up with them. Rosofsky has been ordered by U.S. District Judge Roger T. Benitez to repay $450,000 to his victims.

Read the full article in the North County Times.

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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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