California Real Estate Fraud Report

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Sacramento mortgage company owner, loan officer plead guilty in mortgage fraud scheme

Moctezuma Tovar, 46, founder and president of Sacramento-based Delta Homes and Lending, Inc.  and his employee Sandra Hermosillo, 53, have pleaded guilty  to conspiring to commit fraud.

According to the U.S. Attorney’s Office for the Eastern District of California, “between October 2004 and May 2007, Tovar and Hermosillo, a loan officer conspired with others to obtain home loans from mortgage lenders based upon false and fraudulent loan applications and supporting documents that falsely represented the borrowers’ assets, income, liabilities and debts and employment status, authorities said. They provided money to borrowers to inflate their bank account balances, and once the loans were secured, the borrowers returned the funds to the defendants.” As a result, the lending institutions lost at least $4 million.

Co-defendants still awaiting trial are licensed real estate agents Jaime Mayorga, 36, and Ruben Rodriguez, 38, both of Sacramento, and Christian Parada Renteria, 39, of Woodland, a former loan officer.

Read the original article in the Sacramento Bee.

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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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