California Real Estate Fraud Report

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18
Jan

HAMP Services Employees Indicted in Loan Modification Fraud

Michael Paquette, Allan Chance, and Dennis Lake, employees of Laguna Hills-based HAMP Services, were arrested  last week after a federal grand jury handed down an eight-count indictment.

The scheme operated from 2014 to 2015. HAMP Services took its name from the federal government’s Home Affordable Modification Program, aka HAMP. Paquette and Chance, who used aliases, told homeowners in financial distress that they were approved for a government-affiliated loan modification, but needed to make three “trial payments” before their mortgages would be modified. They had run the scheme earlier under the name Hope Services but changed the name after consumers made complaints.

After the so-called trial payments were made, the homeowners were referred to Dennis Lake, who operated JD United. Lake and his employees told the homeowners they were working to obtain the loan modification.

The trial payments never went to the lenders but was kept by JD United; Michael Paquette and Allan Chance were paid commissions out of those payments.

Law enforcement believes there were 500 or more victims nationwide and at lest $2.5 million paid by the victims under the guise of being “trial payments.”

Read the original article in HousingWire.

 

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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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