California Real Estate Fraud Report

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28
Jan

Investigators Fear Dozens of Victims in Loan Modification Scam

A Salinas woman arrested in December after falsely holding herself out as both a real estate agent and mortgage broker may have victimized up to 80 people.

Blanca Maciel Sanchez has pleaded not guilty to mortgage fraud, embezzlement, forgery and grand theft, according to the Monterey County District Attorney’s Office. She solicited homeowners in distress to modify their loans under her businesses Maciel Financial Services and First Continental Mortgage and asked for money upfront, which is illegal in California. Not only did here clients lose their homes to foreclosure, but Sanchez is alleged to have used their financial information to open accounts to pay her own bills.

Read the full article in the Californian.

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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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