California Real Estate Fraud Report

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Two Men Get Prison for Loan Modification Fraud

Two men have received prison sentences after they admitted they operated a national business that was little more than a loan modification scam.

Michael Trap has been sentenced to 30 months in federal prison. His business partner Glenn Steven Rosofsky received a sentence of 63 months.

Trap and Rosofsky set up a nationwide telemarketing operation under the names of “Nations Housing Modification Center” and “Federal Housing Modification Department”.  Using the claims of having attorneys and forensic accountants (some con-artists call them “forensic loan auditors”) to find errors in the loans of borrowers in default, the two claimed a high success rate in obtaining loan modifications. They are thought to have made $900,000 from their scam.

There are two earlier postings on the California Real Estate Fraud Report about Michael Trap and Glenn Steven Rosofsky. Read about them here and here.

Read the original article in KGTV 10 News.

© 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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