California Real Estate Fraud Report

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Quick Loan Funding Exec Gets Help from Citigroup While Leaving Others to Twist in the Wind

The “little man” whose taxes are bailing out Wall Street giant Citigroup is getting a boot in the face when it comes to loan modifications. But at the same time Citigroup is bending over backwards to help the owner of Quick Loan Funding, the subprime lender whose risky lending practices contributed to Citigroup’s near collapse.

Daniel Sadek, founder of Quick Loan Funding, got an offer from Citi Residential Lending to modify its loan terms when he fell behind on his mortgage payments at 65 Briar Lane in Irvine, which may not even be his primary residence. He never made one payment on the new loan and on December 18, 2008 City filed a Notice of Default against Sadek.

On the other hand, Dave Karecki, 47, has been unable to get lenders Citi and Countrywide to modify $420,000 in mortgages on his Norco home after he lost his job and his wife’s hours were cut back on her job as a teaching aide. Their home is now worth approximately half of what they paid for it.

“They’re not working with us,” Karecki said. “My frustration is I call back and call back and get a different person every time and they tell me to refax everything. It’s an absolute circus.”

Read the Full Article in the OC Register by John Gittelsohn.

© 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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