California Real Estate Fraud Report

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Roseville woman convicted in mortgage fraud case

Roseville resident Rachel Siders, 39, was found guilty of bank fraud, making a false loan application and committing aggravated identity theft, according to a press release by the  U.S. Attorney for the Eastern District of California.

Siders and her co-defendant Theo Adams used the identity of a relative of Adams to take out a HELOC (home equity line of credit) on the relative’s property in 2008. Siders and Adams, who pleaded guilty in this case, submitted fraudulent tax returns and income statements to Washington Mutual Bank, which, as a result, extended a $250,000 loan. Siders, as a notary public, also falsely notarized the loan documents (notary fraud). The loan later defaulted.

U.S. District Judge John A. Mendez will be sentencing both Rachel Siders and Theo Adams later this year.

Read the original article in the Sacramento 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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